Q1, 2020: Nigeria Recorded N138.98bn Trade Deficit -NBS 

The NBS disclosed this in its Foreign Trade in Goods Statistics report for first quarter 2020, which was released on Tuesday.

“The value of Nigeria’s total trade stood at N8.3 trillion in Q1, 2020. This was 17.94 per cent lower than the value recorded in Q4 2019 but 0.80 per cent higher than the value recorded in Q1 2019,” it said.

The report said the import component of the trade was valued at N4.22 trillion or 50.8 per cent, while the export component totalled N4.08 trillion, representing 49.2 per cent of the total trade.

“A trade deficit of N138.98 billion was recorded during the quarter, marking two consecutive quarters of negative balance of trade, as the value of imports surpassed exports,” the NBS said.

It said the consecutive quarters of negative trade balance and lower imports and exports occurred against the backdrop of a global slowdown in economic activity as a result of the COVID-19 pandemic.

The statistics office noted that the global health crisis resulted in several countries implementing varying degrees of restrictions with respect to international trade, travel and tourism.