Nigeria's Annual Trade Volume Rises to Near Pre-Covid Level THISDAYLIVE: Nigeria
According to the NBS data, Nigeria recorded a N1.2 trillion goods trade surplus in 2022, as export bills outweighed import earnings for the first time since the preceding year .
Nigeria's previously positive trade balance turned negative at the end of the year, leaving a deficit of N178.26 billion, which ballooned to nearly N2 trillion by 2021. "An analysis of the data filed shows that Nigeria exported mainly 'mineral products' which amounted to N5.7trillion, or 89.11 per cent of total export value; this was followed by"vehicles, aircraft, and parts thereof; vessels, etc.', which were valued at N199.29 billion, or 3.13 per cent of the value of total exports, and"products of the chemical and allied industries," worth N169.27 billion, or 2.66 per cent of the value of total exports.
"The value of imported manufactured goods in the quarter under review stood at N2.5 trillion, a decrease of 14.11% compared to the value recorded in Q3 2022 . The report said that this value also declined by -18.43 per cent compared to the value recorded in Q4 of 2021 ."
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