Nigeria records trade deficit in first quarter of 2021

The National Bureau of Statistics (NBS) has reported that Nigeria recorded N3.94 trillion trade deficit in the first three months of 2021.
NBS said the record meant a negative balance of trade as the economy was still import-driven and depended largely on exports of petroleum and some agricultural products to meet foreign exchange earnings.
Last year, the country recorded its first annual trade deficit in four years as imports exceeded exports by N7.37 trillion.
“Foreign Trade in Goods Statistics (Q1 2021),” the NBS said the country’s total merchandise trade stood at N9.76 trillion, an increase of 6.99 per cent over the value recorded in Q4, 2020 and 14.13 percent compared to Q1, 2020.
“Asia, led by China, dominated the foreign trade in Q1. The region’s importation dominated foreign importation to the country with a record of N3.3 trillion, representing 48.45 per cent……….TO CONTINUE READING CLICK HERE

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