March 24, 2021

Nigeria Economic Update (Issue 11)

Total Nigeria merchandising trade stood at N9.12 trillion in the fourth quarter of 2020, representing an 8.9 percent increase relative to the preceding quarter and a 9.9 percent decrease relative to the corresponding quarter of 2019.1 For the fifth consecutive quarter, Nigeria recorded a negative balance of trade with the import component of trade accounting for 65 percent while export component of trade accounted for 35 percent. Crude oil accounted for 78.93 percent of Nigeria’s export while manufactured goods accounted for 64.56 percent of total imports. Nigeria’s major export trading partner is India (17.12 percent) while China (28.28 percent) accounted for most import to Nigeria. Improvements in foreign trade is expected to continue as economic activities in our major trading partner countries increase. However, diversifying the export base to include other goods such as agricultural commodities, textiles, and manufactured goods is pertinent. To achieve this, ensuring standardization of commodities and setting competitive freight charges will unlock the opportunities in external trade.

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Africa Economic Update (Issue 2)

Business activities in Africa slightly improved in February 2017 albeit at a slow rate. Sales Managers Index (SMI) for Africa an assessment of business condition in Pan-African Economy increased by 0.4 index points from 52.2 points in January 2017 to 52.6 points in February 2017. Sub-Saharan African countries experienced better business activities than North Africa in the review period. The two largest economies in the region, Nigeria (48.5 index points) and South Africa (49.2 Index points) registered contraction in the review period as Nigeria remained in recession while high unemployment remained a problem in South Africa. The growth in SMI recorded in the review period is driven by improvement in business confidence and sales price which outweighed the fall in other components market growth, sales output and staffing level.