Weak export reduces Nigeria’s trade balance by 86% – NBS

Nigeria’s export declined by 19.8 per cent to N5.93 trillion in the third quarter of 2022, from N7.4 trillion in the prior quarter.

As a result of the decline in the country’s export sector, the total foreign trade recorded a 10 per cent decline to N11.59 trillion in Q3’22 from N12.84 trillion in Q2’22.

DAILY POST learnt this on Monday from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for Q3’22.

While on the import side, the bill rose 4.2 per cent to N5.66 trillion from N5.43 trillion; consequently, the country’s importation grew.

“The trade balance in the period under review stood at N269.34 billion”, the report stated.

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