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Nigeria’s Trade Surplus Rises By 69%
Data from the Central Bank of Nigeria has shown that the country’s trade surplus rose year-on-year (YoY) by 69 per cent. This is an increase to $11.58 billion in the first ten months of 2022 (January to October), from $6.85 billion in the corresponding period of 2021. CBN said this in its Economic Report for…
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Nigeria’s Import From Russia Falls By 92%
The foreign trade report of the National Bureau of Statistics for the third quarter of 2022 has shown that only N1.71 trillion worth of goods were imported from Russia in the quarter. This is coming after Nigeria’s imports from Russia crashed significantly, hitting their lowest this year, as the war in Ukraine continues. This was…
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What Is China’s Debt Relief Plan For Heavily Indebted African Countries?
China has revealed it has kickstarted its plan to cancel outstanding interest-free loans to indebted African countries and Rwanda has become one of the countries to benefit from this agreement, following the Apex lender’s recent forfeiture of an outstanding debt of $7.1 million. According to a statement by Rwandan Minister for Finance and Economic Planning,…
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Foreign Trade Drops By N1.24tn
According to the ‘Foreign Trade in Goods Statistics (Q3 2022) released by the National Bureau of Statistics, Nigeria’s total merchandise trade fell by N1.24trillion. This is from N12.84trillion in the second quarter of 2022 to N11.59trillion in the third quarter of 2022. This drop was influenced by the decline in crude oil exports, which fell…
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Nigeria’s Trade Balance Falls To 86%
Data from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for the third quarter of 2022 has shown that Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 per cent to N5.93 trillion in Q3’22. This is from N7.4 trillion in Q2’22, while the import bill…
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EU-Nigeria trade rises by 25.8 %
The trade volume between the European Union and Nigeria has increased by 25.8 percent to peak at €28.7 billion in 2021. The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria. The Head of the European Union Delegation to Nigeria…
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Nigeria’s Trade Deficit Falls By 61%
The Central Bank of Nigeria has disclosed in its Monthly Economic Report for July 2021 that the nation’s trade deficit fell year-on-year by 61 per cent to $340 million in July 2021 from $880 million in July 2020. However, receipts from crude oil and gas exports rose by 127 percent to $3.99 billion in October…
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Nigeria Records N1.8 trn Trade Deficit In Q2’21
The National Bureau of Statistics has said that Nigeria recorded a trade deficit of N1.8 trillion in the second quarter of the year. This is coming despite the foreign trade rose by 23 percent to N12 trillion from N9.8 trillion in Q1’21. The bureau disclosed this in its Foreign Trade in Goods Statistics Report for…
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Capital Importation Falls To $875.62m In Q2
The National Bureau of Statistics has said that the total value of capital importation into Nigeria declined to $875.62 million in the second quarter of 2021 from $1.91 billion in the first quarter of 2021. It disclosed this in its report titled, ‘Nigerian capital importation (Q1 & Q2 2021)’. The bureau stated that this represented…
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Foreign Investors’ Interest Declines By 27.5%
Nigeria received about $8.4bn investment announcements as of 4th March 2021, out of which $5.46bn were pledged by foreign investors. This was according to the Nigerian Investment Promotion Commission, in its ‘report of investment announcements in Nigeria (January – March 2021). NIPC noted that the remaining $2.08bn was promised by domestic investors. The sum pledged…