Nigeria recorded a trade deficit of NGN 588.7 billion in December of 2020 compared to a surplus of NGN 362.7 billion in the same month a year ago. Exports fell 33.4 percent to NGN 1,171 billion as crude oil exports declined by 29.6 percent, while imports were up 26.0 percent to NGN 1,760 billion. Considering Q4, the trade gap widened to NGN 2,731 billion from NGN 579 billion in the same period a year ago. Considering 2020 full year, Nigeria posted a trade deficit of NGN 7,375 billion, compared with a NGN 2,232 billion surplus in 2019. source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria averaged 185660.37 NGN Millions from 1981 until 2020, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -1372173.74 NGN Millions in November of 2020. This page provides - Nigeria Balance of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.
Balance of Trade in Nigeria is expected to be -835000.00 NGN Millions by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Nigeria to stand at -570000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -540000.00 NGN Millions in 2022 and -280000.00 NGN Millions in 2023, according to our econometric models.