Nigeria’s Foreign Trade Rises to #13.3trillion in Q3 of 2021

Nigeria’s total foreign trade rose to N13.3 trillion in the third quarter of this year, 2021. This was disclosed during a press briefing convened by the Statistician-General of the Federation and head of the Nigerian bureau of statistics, Simon Harry at the federal capital, today.

According to him, the N13.3 trillion trade comprises N8.2 trillion imports and N5.1 trillion exports, resulting in a trade deficit of N3.03 trillion.

The NBS boss stated that total imports expenditure rose by N1.3 trillion from N6.95 trillion recorded in the second quarter of 2021.

He stated that the rise in imports was driven majorly by an increase in the importation of commodities such as motor spirits, Gas Oil, imported motorcycles and cycles and CKD valued at N116.3 billion from N94.7 billion, respectively.

The statistician general said crude oil dominated export trade in Q3, as total export of the commodity amounted to N4tn or 78.47 per cent of total export.

He also listed Nigeria’s top five export trade partners during the review period which are China, India, the United States, Netherlands, and Belgium.

Dolupo Balogun

Written by BoomRadioNG