According to data from the Central Bank of Nigeria, the value of Nigeria’s international trade deficit rose by 175.13 percent from $152.94 million in January 2022 to $420.79 million in March 2022.

The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022.

Imports stood at $14.77bn while exports at $14.01bn, showing a total trade deficit of N764.69m.

In January 2022, export was $4.74bn and import was $4.89, with a trade deficit of $152.94m.

The value of the trade deficit increases further in February 2022 to hit $190.96m, with export at $4.70bn and import at $4.89bn.

A massive increase is recorded by March 2022 at a $420.79m trade deficit, with exports at $4.57bn and imports at $4.99bn.

The CBN Governor, Godwin Emefiele, had said in June last year that the country would cut down its import bill in the first quarter of 2022, particularly with the functioning of the Dangote refinery, which would reduce Nigeria’s oil import.

He had said, “Of course for petroleum products, by the time the refinery goes into production by the first quarter of next year and the petrochemical plants we would have reduced our importation by about at least close to 35 per cent.”