According to the National Bureau of Statistics (NBS) report on Foreign Trade in Goods for the second quarter of 2023, total trade stood at N12.7 trillion, a decline of 7.6% from N13.8 trillion recorded in Q2 2022. Both imports and exports experienced a decrease in year-on-year changes; however, the rate of decline was higher for imports.
September 28, 2023
Nigeria Economic Update (Issue 35)
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Nigeria Economic Update (Issue 43)
The IMF World Economic Outlook report, indicates a downward revision for Nigerias 2017 economic growth. Specifically, growth has been projected to expand by 0.6 percent relative to the 1.1 percent earlier projected. The decrease is attributable to sharp growth slowdown experienced in Nigeria, occasioned by prevailing constraining factors (crude oil production disruptions, Forex and power shortages, and weak investor confidence). The outlook, which does not seem optimistic, reveals Nigerias further vulnerability to potential external and internal risks/shocks.