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Nigeria: Trade grew 10% QoQ in Q3 2021 but remains negative

Tuesday, 07 December 2021 13:46
Nigeria: Trade grew 10% QoQ in Q3 2021 but remains negative

(Ecofin Agency) - Nigeria traded $32.3 billion (N13,283 billion) worth of goods between July and September this year. Although the trade deficit widened to $7.3 billion, up 26.5% YoY, this reflects a gradual recovery in economic activity.

Trade exchanges in Nigeria reached $32.3 billion (N13,283 billion) during the third quarter this year, up 10.43% compared to Q2 and up 58.9% YoY. According to the National Bureau of Statistics (NBS), this reflects a gradual recovery of the country’s economy.

Although exports were up 1% compared to Q2 and up 71.3% YoY, with a volume of N5,130 billion ($12.5 billion), Nigeria's trade balance remains in deficit. Between July and September (Q3 2021), the country exported N8,153 billion ($19.8 billion) worth of goods, up 17.3% QoQ and up 51.4% YoY. However, the trade deficit reached $7.3 billion over the period.

NBS cited the decline in several sectors to justify this rise in the trade deficit. Compared to the second quarter of 2021, the country imported more agricultural products (+21.01%) but exported less (-5.9%). This same trend was also observed in the energy products sector. Over the same period, crude oil exports fell by 1.3% but were up 66% year-on-year.

According to the stats bureau, exports in Q3 2021 were still dependent on oil. Crude oil exports remained the main product of total exports (78.48%), while non-crude oil was valued at 21.52% of total exports, of which non-oil products contributed only 10.65% of total exports.

Compared to Q3 2020, the trade deficit was up 26.5% in Q3 2021. Nigeria’s imports mainly came from India (14.78%) while exports mainly went to China (29.9%).

Moutiou Adjibi Nourou

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