Nigeria's trade surplus widened sharply to NGN 1079 billion in September 2019 from NGN 772 billion in the same month of the previous year. It was the widest trade surplus since August 2014, as exports climbed 26.5 percent to NGN 2,219 billion, boosted by manufactured products (3041 percent). However, shipments fell for crude oil (-13.9 percent); raw materials (-43.1 percent) and solid minerals (-73.6 percent) and energy goods (-56.6 percent). Imports advanced at a softer 16.1 percent to NGN 1,140 billion, mainly driven by purchases of machinery & transport equipment (111.9 percent); food & live animals (32 percent); chemicals (61.5 percent) and manufactured goods (7.4 percent). Balance of Trade in Nigeria averaged 207010.69 NGN Millions from 1981 until 2019, reaching an all time high of 2177553.08 NGN Millions in October of 2011 and a record low of -622103.84 NGN Millions in August of 2018. source: National Bureau of Statistics, Nigeria
Balance of Trade in Nigeria is expected to be 245000.00 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 10000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -180000.00 NGN Millions in 2020, according to our econometric models.