Nigeria's trade deficit widened to NGN 1123.3 billion in March of 2021 from NGN 554.5 billion in the same month a year ago. Imports surged 44.4% to NGN 2194 billion while exports rose at a softer 11% to NGN 1070 billion. Considering the first quarter of 2021, the country's trade gap widened to a record high of NGN 3944 billion from NGN 330 billion in the same period a year ago, as imports surged 54% to NGN 6851 billion, its highest level in over 12 years, due to higher purchases of energy goods (1347%), agricultural goods (141%) and raw materials (109%). Conversely, exports fell 29.3% to NGN 2907 billion, as shipments fell primarily for manufactured products (-43.7%) and crude oil (-34.5%). China, India, the Netherlands, Spain and the US were the main trading partners in Q1. source: National Bureau of Statistics, Nigeria

Balance of Trade in Nigeria averaged 176342.72 NGN Millions from 1981 until 2021, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -1507542.69 NGN Millions in February of 2021. 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 July 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 -773000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -600000.00 NGN Millions in 2022 and -450000.00 NGN Millions in 2023, according to our econometric models.

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Nigeria Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-1123289.91 -1507542.69 2177553.08 -1507542.69 1981 - 2021 NGN Millions Monthly


Calendar GMT Actual Previous Consensus TEForecast
2021-03-09 12:00 PM Oct NGN -770.3B NGN -830.1B NGN -680B
2021-06-07 11:00 AM Mar NGN -1123.3B NGN -1507.5B NGB -950B
2021-06-07 11:00 AM Jan NGN-1312.6B NGN-588.7B NGN -700B
2021-06-07 11:00 AM Feb NGN -1507.5B NGN-1312.6B NGN -800B
2021-09-09 08:00 AM Jun NGB -835B
2021-09-09 08:00 AM May
2021-09-09 08:00 AM Apr NGN -1123.3B
2021-11-30 12:00 PM Aug


News Stream
Nigeria Trade Gap Widens Sharply in March
Nigeria's trade deficit widened to NGN 1123.3 billion in March of 2021 from NGN 554.5 billion in the same month a year ago. Imports surged 44.4% to NGN 2194 billion while exports rose at a softer 11% to NGN 1070 billion. Considering the first quarter of 2021, the country's trade gap widened to a record high of NGN 3944 billion from NGN 330 billion in the same period a year ago, as imports surged 54% to NGN 6851 billion, its highest level in over 12 years, due to higher purchases of energy goods (1347%), agricultural goods (141%) and raw materials (109%). Conversely, exports fell 29.3% to NGN 2907 billion, as shipments fell primarily for manufactured products (-43.7%) and crude oil (-34.5%). China, India, the Netherlands, Spain and the US were the main trading partners in Q1.
2021-06-07
Nigeria Trade Balance Swings to Deficit
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.
2021-03-09
Nigeria Trade Balance Swings to Gap in September
Nigeria recorded a trade deficit of NGN 830.1 billion in September of 2020 compared to a surplus of NGN 1479. 2 billion in the same month a year ago. Exports plunged 59.6% to NGN 896.2 billion, as crude oil exports tanked (-42.4 percent) due to lower oil prices and OPEC+ production cuts. Meanwhile, imports grew 51.5 percent to NGN 1726.3 billion. Considering Q3, the trade account shifted to a NGN 2388 billion gap compared to a surplus of NGN 1389 billion a year ago.
2020-12-10
Nigeria Posts Widest Trade Gap in 8 Months
Nigeria recorded a trade deficit of NGN 807.2 billion in June of 2020 compared to a surplus of NGN 410.4 billion in the same month a year ago. It was the largest monthly trade shortfall since October of 2019, as exports plunged 46.1% to NGN 782.9 billion, due to Covid-19 pandemic restrictions and lockdowns. Meanwhile, imports jumped 52.5% to NGN 1,590 billion. Considering Q2, the trade account shifted to a NGN 1,803 billion gap compared to a surplus of NGN 591 billion a year ago. Exports slipped 51.7% year-on-year, as shipments of mineral products which account for 84% of total shipments, tumbled 57%, mainly due to crude oil (-60.5%). Meantime, imports went up just 0.4%, as a plunge in purchases of mineral products (-73%) outweighed increases in those of boilers, machinery & appliances (2.4%) and chemicals (98%). China, Spain, the Netherlands, the US and India were the main trading partners in Q2.
2020-09-09

Nigeria Balance of Trade
Exports of commodities (oil and natural gas) is the main factor behind Nigeria's growth and accounts for more than 91% of total exports. In 2014, Europe and Asia were the country's main trade partners. Europe accounted for 43% of total sales and 34% of total imports while Asia accounted for 29% of total shipments and 43% of total purchases.