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.