Nigeria records N1.87trn in trade deficit for Q2, 2021
National Bureau of Statistics (NBS) has disclosed that the country recorded a trade deficit of N1.87 trillion in the second quarter of 2021.
A ‘Foreign Trade Statistics – Q2 2022’ report released by the NBS also said that in the period under review, Nigeria spent N6.95 trillion on imports, just as the country recorded exports totaling N5.08 trillion.
The figure translates into imports in excess of exports by N1.87 trillion, representing the deficit.
The transaction resulted in a total trade of N12.03 trillion in second quarter.
NBS said the transaction was 23.28% more than last quarter Q1 2021 and 88.71% more than the same quarter in 2020.
In the period under review, the document reflected that Nigeria recorded N4.08 trillion crude oil exports and N1.00 trillion non-crude oil exports.
It added that there was also non-oil exports of N462.85 billion in the period under review.
While crude oil/total exports constituted 80.29% of the transaction 42.22% was export/total trade.
1.45% was change imports, 74.72% was change exports while 9.11% was non-oil exports/total exports.
