Nigeria’s Trade Balance is 86% Worse Off Due to Weak Exports.

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Nigeria’s trade balance has been negative quarter over quarter, as exports have decreased by 19.8% to N5. 93 trillion in the third quarter of 2022, from N7. 4 trillion in the second quarter, while imports have increased by 4. 2% to N5.66 trillion from N5.43 trillion.

The decline in the export sector caused the total foreign trade to fall by 10% to N11. 59 trillion in Q3’22 from N12.84 trillion in Q2’22, and the trade balance decreased by 86 percent quarter over quarter to N269.3 billion in Q3’22 from N1.97 trillion in Q2’22.

“In the quarter under review, total exports declined by 19.89 when compared to Q3’22 (7.4 trillion) but it increased by 15.5 percent of the value recorded n Q3’21 (5.13 trillion).

 “The balance of trade in the period under review stood at 269.34 billion.


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