Report Says Nigeria Recorded N1.94trn Trade Deficit In 2021

Nigeria recorded N1.94tn foreign trade deficit in 2021, figures obtained from the National Bureau of Statistics revealed on Tuesday.

According to its ‘Foreign trade in goods statistics Q4, 2021 report’, this was an improvement from N7.37tn trade deficit recorded in 2020.

Also, the data revealed that Nigeria’s total foreign trade rose by 22.61 per cent in 2021 to hit N39.75tn.

The NBS also disclosed that total export for 2021 stood at N18.91tn while total import stood at N20.84tn, leaving a trade deficit of N1.94tn.

Total trade for 2020 was valued at N32.42tn, with the value of total imports amounting for N19.89tn and exports amounting for N12.52tn. According to NBS, the trade deficit for the year stood at N7.38tn.

It said, “In 2021, the value of total trade stood at N39.75tn which is 57.60 per cent higher than the value recorded in 2020.

“The value of total imports in 2021 stood at N20.84tn which is 64.11 per cent higher than the value recorded in 2020, while total exports was valued at N18.91tn showing an increase of 50.99 per cent than the value recorded in 2020. Overall in 2021, merchandise trade recorded a deficit of N1.94tn.

For the quarter under review, the statistics body said imports stood at N5.94tn in the fourth quarter of 2021 while export was N5.77tn

The NBS added, “Export in the fourth quarter 2021 was still oil-dependent. Crude oil exports recorded N4.27tn and it remained the major product in total exports (74.04 per cent), while non-crude oil was valued at N1.49tn or 25.96 per cent of total exports of which non-oil products contributed N810.88bn representing 14.06 per cent of total exports during the quarter under review.”