Coronation Trade Insights (Dec 2021)

The latest report from the NBS in its series on foreign trade in goods shows the total
value of trade as N13.28trn in Q3 ‘21, representing an increase of 10% on the
preceding quarter and a y/y increase of 59%. Compared with Q2 ‘21, the total export
value rose by just 1% to N5.13trn, and the import value rose by 17% to N8.15trn. The
net result was a deficit of N3.02trn, which followed a deficit of N1.87trn the previous
quarter. This makes eight consecutive trade deficits. The data were drawn primarily
from the Nigeria Customs Service