Nigeria Records Trade Deficit of N1.87trn in Q2, 2021

Nigeria recorded a trade deficit of N1.87trillion in the second quarter of 2021, according to the National Bureau of Statistics (NBS).

This is contained in its “Foreign Trade Statistics – Q2 2022,” 

The Bureau added that in the period under review, while Nigeria spent N6.95trillion on imports, it also recorded exports N5.08trillion.

In other words, imports exceeded exports by N1.87trillion, which is the deficit.

The transaction resulted in a total trade of N12.03 trillion in second quarter.

NBS said the transaction was 23.28% more than last quarter Q1 2021 and 88.71% more than the same quarter in 2020.

In the period under review, the document reflected that Nigeria recorded N4.08 trillion crude oil exports and N1.00 trillion non-crude oil exports.

It added that there was also non-oil exports of N462.85 billion in the period under review.

While crude oil/total exports constituted 80.29% of the transaction 42.22% was export/total trade.

1.45% was change imports, 74.72% was change exports while 9.11% was non-oil exports/total exports.

Nation/Hauwa Abu