Nigeria Balance of Trade

Last Release

Dec 31, 2021

Actual

Units In

NGN Millions

-150.6

Frequency

Monthly

Next Release

Nov 22, 2024

Time to Release

2 Months 7 Days 5 Hours

Highest	Lowest	Average	Date Range	Source
2,177,553.08 Oct 2011	-1,570,345.3 Aug 2021	163,168.88 NGN Millions	1981-2021	N/A

Exports of commodities (oil and natural gas) is the main factor behind Nigeria's growth and accounts for more than 91% of total exports. In 2014, Europe and Asia were the country's main trade partners. Europe accounted for 43% of total sales and 34% of total imports while Asia accounted for 29% of total shipments and 43% of total purchases.

Latest Updates

Nigeria's trade surplus widened to an all-time high of NGN 4128 billion in June 2024, up from NGN 1039 billion in the corresponding month of the previous year. Exports jumped approximately 164% yoy to an all-time high of NGN 7281 billion, boosted by shipments of energy (+1013%), crude oil (+154%), agricultural goods (+170%), raw materials (102%) and manufactured goods (48%). Meanwhile, imports surged 83% to NGN 7,281 billion, largely on account of purchases of manufactured goods (+127%), raw materials (111%) and solid minerals (156%).