Macroeconomic Report & Economic Updates

July 5, 2018

Nigeria Economic Update (Issue 23)

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The total value of Nigeria’s merchandise trade totalled N7.2 trillion in the first quarter of 20181; a year-on-year increase of 35.1 percent and a quarter-over-quarter growth of 19.8 percent. The growth was export-driven as the considerable surge in exports of manufactured goods and agricultural products triggered the YOY growth in total exports by 56 percent to reach N4.7 trillion. Import value also increased from N2.3 trillion to N2.5 trillion. This translates to a trade surplus of N2.2 trillion – the highest recorded in twelve quarters. Persistent and significant improvements in foreign trade, particularly in exports, are likely indicators of the strong impact of reforms in Nigeria’s manufacturing and agricultural sectors – two major drivers of the improvement




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