Macroeconomic Report & Economic Updates

March 21, 2019

Nigeria Economic Update (Issue 9)

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By year-end 2018, the country recorded a total trade value of ₦32.3 trillion1, representing 39.3% increase over the corresponding period in 2017. The volume of total merchandise trade in 2018 is noted to be the highest since 2014, nearly double pre-recession levels. Export component grew by approximately 41%, from ₦13.6 trillion in 2017 to ₦19.1 trillion in 2018. Oil (crude and non-crude) is responsible for the most part of export growth in the review year and accounts for about 94% of total exports. Agriculture and manufacturing sector exports also recorded a boost, rising to ₦302 billion and ₦645.7 billion respectively. Similarly, imports rose by 37.5% to ₦13.2 trillion. With exports exceeding imports, the current account balance of trade improved to ₦5.9 trillion in 2018. To further boost Nigeria’s current account position going forward, supply-side policies to improve the efficiency and competitiveness of domestic industries, and thus exports is crucial.




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