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.

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Nigeria Balance of Trade



Calendar GMT Actual Previous Consensus TEForecast
2022-12-05 11:30 AM Sep NGN 402B NGN -67B NGN 800B
2022-12-05 11:30 AM Aug NGN -67B NGN -66B NGN920B
2023-03-15 01:00 PM Oct


Related Last Previous Unit Reference
Balance of Trade 402412.40 -67281.70 NGN Millions Sep 2022
Imports 1392483.70 2026462.00 NGN Millions Sep 2022
Exports 1794896.00 1959180.30 NGN Millions Sep 2022
Terms of Trade 101.15 101.05 points Jun 2022
Oil Exports 1984570.42 2180188.34 NGN Million Jun 2022
Non Oil Exports 523614.84 454173.94 NGN Million Jun 2022

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. Europe and Asia are the country's main trade partners. Europe accounts for 43% of total sales and 34% of total imports while Asia represents 29% of total shipments and 43% of total purchases.
Actual Previous Highest Lowest Dates Unit Frequency
402412.40 -67281.70 2177553.08 -975441.14 1981 - 2022 NGN Millions Monthly

News Stream
Nigeria Trade Surplus Narrows in September
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%).
2022-12-05
Nigeria Trade Balance Swings to Surplus
Nigeria posted a trade surplus of NGN 971 billion in March of 2022, compared with a deficit of NGN 873 billion in the same month of the previous year. It was the largest trade surplus since September of 2019, as exports jumped 154 percent to NGN 2805 billion boosted by shipments of raw materials (606 percent), crude oil (208.5 percent) and solid minerals (109 percent). Among major export partners, sales rose mainly to Europe (277 percent), notably Italy (759 percent) and Spain (433 percent); Asia (86.9 percent), namely India (78.3 percent) and America (116.8 percent), including the US (553 percent) and Canada (258 percent). Meanwhile, imports fell 7.3 percent to NGN 1834 billion, on lower purchases of energy products (-97.5 percent). Among major import partners, purchases decreased mostly from Asia (-16.2 percent), namely India (-22.1 percent) and Europe (-10.9 percent), of which Spain (-73 percent), the Netherlands (-57 percent) and Italy (-44 percent).
2022-06-07