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Here is a summary of Nigeria's Trade Performance in the third quarter (Q3) of 2020:
1. Total trade improved by 34% in Q3 relative to Q2. Imports & exports grew.
2. Growth in trade was driven by imports. Imports accounted for 64% of total trade. Exports: 36%
Data source:NBS
1. Total trade improved by 34% in Q3 relative to Q2. Imports & exports grew.
2. Growth in trade was driven by imports. Imports accounted for 64% of total trade. Exports: 36%
Data source:NBS
3. Negative trade balance (difference between imports and exports) expanded in Q3 to -N2.4 trillion from -N1.8 trillion. This means import was higher than exports
4. Non-oil exports declined by 39% in Q3 to N214 billion. It accounted for 7% of total exports
4. Non-oil exports declined by 39% in Q3 to N214 billion. It accounted for 7% of total exports
5. Manufactured goods accounted for just 4.4% of total exports in Q3 and crude oil accounted for 81%.
6. Manufactured goods accounted for 64% of imports in Q3.
7. So far in 2020, Nigeria has spent N1.34 trillion importing live animals; animal & vegetable products
6. Manufactured goods accounted for 64% of imports in Q3.
7. So far in 2020, Nigeria has spent N1.34 trillion importing live animals; animal & vegetable products
Conclusion: Clearly from the data, Nigeria is still joking with:
1. diversifying exports
2. divorcing its long-time marriage with crude oil. Even at low oil prices & output, crude oil still accounts for 81% of exports?
We are running an EXTREMELY fragile economy.
1. diversifying exports
2. divorcing its long-time marriage with crude oil. Even at low oil prices & output, crude oil still accounts for 81% of exports?
We are running an EXTREMELY fragile economy.
How can we improve trade when borders are still shut? Data shows that non-oil exports have fallen for the most part since the borders were shut. What exactly have we gained since we shut the borders? Are rice producers now able to compete now that the govt plans to reopen?
Nigeria needs to seriously start the conversation about what will replace the fast-dwindling or insufficient oil dollar inflows in the next decade. What are we doing to improve non-oil exports & investment inflows to earn FX? How can we leverage on our weak currency and AfCFTA?
