Nigeria’s foreign trade for the fourth quarter (Q4) of 2020 grew by N9.12 trillion, showing an increase of 8.88% as compared to N8.38 trillion marked in the previous quarter.

This is according to the foreign trade report, recently released by the National Bureau of Statistics (NBS).

According to the report, total imports stood at N5.93 trillion, a 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.

Nigeria Foreign Trade Jumps To N9.12 Trillion In Q4 2020

Contrarily, Nigeria’s trade balance fall further by 14.3% from a N2.39 trillion deficit recorded in the third quarter of 2020 to an N2.73 trillion deficit in Q4 2020.

Recall that the Foreign deficit worsens further amid an increase in import bill in the third quarter of 2020, noting merchandise goods worth N8.37 trillion were traded in Q3 2020, 34.15% higher than N6.24 trillion recorded in Q2 2020 (but 8.85% lower than N9.19 trillion printed in Q3 2019).

Nigeria Foreign Trade Deficit

Of the total goods traded, the value of exports increased quarter-on-quarter (q-o-q) by 34.85% (but decreased year-on-year, y-o-y, by 43.41%) to N2.99 trillion in Q3 2020, while the value of imports rose q-o-q by 33.77% (and surged y-o-y by 38.02%) to N5.38 trillion in Q3 2020, resulting in the higher trade deficit of N2.39 trillion in Q3 2020 (from an N0.42 trillion trade deficit in Q2 2020); a complete reversal from an N1.39 trillion trade surplus printed in Q3 2019). According to the report, crude oil exports which increased q-o-q by 56.04% (but fell y-o-y by 35.30%) to N2.42 trillion, constituted 81.02% of the total export value in Q3 2020.

SOURCE: https://brandnewsday.com/2021/03/09/nigeria-foreign-trade-in-q4-2020/

All these news to make people feel good about one Nigeria. But to whose benefit is all these wealth we’ve got.

Too late friends.... Too late

C

Damnnn niggarrrr
Isoright

Would be bigger than that if we did the following...removed subsides on petrol and electricirity

Sure, we would pay higher than N300 for fuel, and N70 or more per kwh of electricirty

But all the greedy investors will come pouring in to build us refinereis, and power stations, and provide cash for improving exisiting refinereis, electricity distributiion all to take advantage of potential profits

This inturn powers our industrial sector...to the point that we develop an industry that exports stuff from petrol to cars.

And in ten years, our foreign trade would be N100 trillion per annum...plus kids will go to school with assurance of getting a job, because of all the jobs getting created.

But since most Nigerians want to pay N20 per liter of fuel, and also pay N2 per kwh for power....well, we rather keep on spending millions subsidising....insteand of energizing.

Pity, pity.

If foreign trade has increased why then are them complaining about dollar scarcity I don't understand

Audio increase

God bless PMB
God bless PYO
God bless BAT
God bless Nigeria and Nigerians

K

All this one no Consign me, this country is too Corrupt!

Okay, Good One

If it make, make e jump go 1trillion dollar.
It's not as if the common man on the street will feel the impact..

I Guess we're on the right path, finally...

A disproportionate balance of trade if you ask me

Despite all these monies nothing to show for it in our country.... no good roads,no good infrastructures,poor education system,poor heath sector,no employment, no power supply, poverty on the increase,no good security,etc. Our leaders are just bunch of fools

Why e dey jump

optionalY09:
All these news to make people feel good about one Nigeria. But to whose benefit is all these wealth we’ve got

You now

Frontail:
You now

go inside your toilet laugh until you faint.

not me

Lori iro

optionalY09:
All these news to make people feel good about one Nigeria. But to whose benefit is all these wealth we’ve got.

Too late friends.... Too late

guy be positive for once

optionalY09:


go inside your toilet laugh until you faint.

not me

... Na you now !

Topmaike007:
guy be positive for once

It’s not negative to say we don’t want to be part of Nigeria again. The marriage is abusive and adulterous at that.

Our sorry State is that, we are not yet better off Economically. Looking at the balance of trade deficit.

Import is far more greater than the Export and that's the main problem here, hopefully we get things right gradually.