Nigeria's trade surplus shrank slightly to NGN 402 billion in September of 2022, from NGN 449 billion in the same month of the previous year. Exports declined by 11.9% year-on-year to a nine-month low of NGN 1,795 billion, mainly dragged down by lower shipments of crude oil (-6.9%), manufactured products (-79.1%), energy products (-86.4%) and solid minerals (-37.1%). On the other hand, overseas sales grew primarily for other oil products (24%) and agricultural goods (14.4%). Meanwhile, imports slumped 12.4% to a 17-month low of NGN 1,393 billion, as a slump in purchases of other oil products (-80.5%) outweighed increases in imports of agricultural goods (18.4%), raw materials (17.9%) and solid minerals (11.8%). source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria averaged 195246.25 NGN Millions from 1981 until 2022, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -975441.14 NGN Millions in October of 2019. 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 December of 2022.
Balance of Trade in Nigeria is expected to be 550000.00 NGN Millions by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Balance of Trade is projected to trend around -150000.00 NGN Millions in 2023 and -130000.00 NGN Millions in 2024, according to our econometric models.