Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 49)

According to the National bureau of Statistics1, total value of Nigeria’s merchandise trade grew to N8,374.4 billion in Q3 2020, representing a 34.15% increase when compared to the previous quarter. The bulk of the country’s trade for the period comprises imports, which accounted for 64% while exports formed 36% of total trade (majorly from sale of crude oil produce). Further disaggregation of the data shows that while the value of export is gradually rising (34.85% more than Q2 2020) due to relative increase in economic activities, it remains significantly less by 43.41% in Q3 2019. Whereas imports continue to soar high, thereby worsening the widening trade deficit. It is therefore critical for government to intensify its efforts towards economic diversification, and implement better policies/ strategies to support non-oil exports, in order to curtail this negative trend.

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