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. source: National Bureau of Statistics, Nigeria

Balance of Trade in Nigeria averaged 192619.06 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 -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 January of 2021.

Balance of Trade in Nigeria is expected to be -880000.00 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 -250000.00 in 12 months time. In the long-term, the Nigeria Balance of Trade is projected to trend around -50000.00 NGN Millions in 2021, according to our econometric models.

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Nigeria Balance of Trade

Actual Previous Highest Lowest Dates Unit Frequency
-830084.94 -850195.56 2177553.08 -975441.14 1981 - 2020 NGN Millions Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-09-09 08:00 AM Apr NGN -421.2B NGN -162.2B
2020-12-10 12:00 PM Jul NGN -708.2B NGN -807.2B NGN -950B
2020-12-10 12:00 PM Aug NGN -850.2B NGN -708.2B NGN -760B
2020-12-10 12:00 PM Sep NGN -830.1B NGN -850.2B NGN -800B
2021-03-09 12:00 PM Dec NGN -880B
2021-03-09 12:00 PM Nov
2021-03-09 12:00 PM Oct NGN -830.1B NGN -680B
2021-06-10 09:00 AM Jan


News Stream
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 Trade Balance Swings to Deficit
The trade balance in Nigeria swung to a NGN 162.2 billion gap in March of 2020 from a NGN 450 billion surplus a year earlier. Exports plunged 33.5 percent to NGN 965.6 billion, the lowest value since March of 2017 while imports increased 12.6 percent to NGN 1127 billion. Considering Q1, the trade account recorded a NGN 138 billion gap compared to a NGN 831.6 billion surplus a year earlier. Exports went down 10 percent year-on-year as sales of mineral products which account for 85 percent of total shipments, dropped 12 percent, mainly due to crude oil (-12.8 percent). Imports rose 14 percent, mainly purchases of boilers, machinery and appliances (11 percent); mineral products (172.5 percent), namely crude oil (180 percent) and vehicles, aircraft and vessels (27.5 percent). China, India, the Netherlands and Spain were the main trading partners in Q1.
2020-06-10
Nigeria Trade Surplus Narrows in December
Nigeria's trade surplus decreased to NGN 363 billion in December of 2019 from NGN 449 billion in the same month a year ago, as exports soared 48% year-on-year to NGN 1,396 million, driven by shipments of manufactured products (1180%) and crude oil (14.5%). Conversely, sales fell sharply for agricultural goods (-38.9%); raw material goods (-71.3%); solid mineral goods (-79.8%) and energy goods (-51%), reflecting the impact of the country's land borders closure. Imports grew at a slower 26.3% to NGN 1,759 billion, as higher purchases of manufactured products (54.2%); solid mineral goods (63.8%) and raw material goods (13.2%) were partly offset by declines in those of energy goods (-68.5%). Meantime, acquisitions of agricultural products rose only 1.4%. Considering the full year of 2019, the country's trade surplus shrank to USD 2.23 billion, the lowest since 2016, from USD 5.37 billion a year ago.
2020-03-09

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.