March 27, 2024

Nigeria Economic Update (Issue 10)

The recent Foreign Trade in Goods Statistics released by the National Bureau of Statistics (NBS) shows that Nigeria recorded a trade deficit of N1.41 trillion in the fourth quarter of 2023 (Q4 2023). In the quarter, Nigeria’s total trade was ₦26.80 trillion, implying a 38.24 percent increase from the value recorded in the third quarter of 2023 (N19.38 trillion) and a 128.64 percent increase from the value recorded in the corresponding period in 2022 (11.72 trillion). Total exports stood at N12.69 trillion, and imports at N14.10 trillion.

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Nigeria Economic Update (Issue 37)

OPEC Monthly oil report reveals that Nigeria recorded the highest month-on-month increase in crude oil production among the OPEC member countries in August 2017. Specifically, at an increasing rate of 8 percent, domestic oil production rose to pre-2016 level of 1.86 million barrels per day in August 2017. With ongoing repairs in the sector, oil production could get to 2.2 million barrels per day in the near term, albeit the prior voluntary agreement to cap production at 1.8 million barrels per day. Going forward, there is need to address poor planning and policy inconsistencies in the sector, in order to ensure the influx of investors who have channeled their investments to other African countries due to laxity in policies in the sector.