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weak-export-reduces-nigeria’s-trade-balance-by-86%-–-nbs

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

by Education Worldwide
December 6, 2022
Reading Time: 1 min read
0

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.

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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.

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

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

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