Macroeconomic Report & Economic Updates

September 19, 2018

Nigeria Economic Update (Issue 36)

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Total value of Nigeria’s merchandise trade contracted in 2018Q2. Valued at N6.6 trillion1, total trade fell quarter-on-quarter by 8.9 percent from the N7.2 trillion recorded in the previous quarter. Both exports and imports declined during the period: Exports shrunk by 4.9 percent down to N4.5 trillion and was triggered by a huge fall in solid minerals and manufacturing exports. On the other hand, imports declined from N2.5 trillion to N2.1 trillion. Further review shows that crude oil accounted for 83.5 percent of total foreign merchandise trade, and trade to GDP lowered to 22.5 percent from 25.5 percent. However, there was a recorded trade surplus during the period, valued at N2.4 trillion. Going forward, there is a need for export promotion strategies, including subsidies, tax exemptions, and special credit lines to support non-oil business growth.




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