Update: Nigeria’s Trade Deficit Rises to N5.7 Trillion in H2

The Foreign Trade Statistics report shows that Nigeria’s trade deficit in the second quarter of 2023 has hit N5.7 trillion.

According to the recent report release by the National Bureau of Statistics (NBS) on Thursday, Nigeria’s total trade stood at N12.7 trillion, while total exports stood at N7tn and total imports amounted to N5.7 trillion.

Meanwhile, Nigeria has raked in N3.48 trillion as Revenue from Value Added Tax (VAT) and Company Income Tax, CIT, in the first half of 2023 (H1’23).

The figure reflects a 17 percent increase Year-on-Year (YoY) from N2.97trillion in the corresponding period of 2022, H1’22.

The report noted, VAT revenue stood at N1.49 trillion in H1’23, rising Yo Y by 25 per cent from N1.19 trillion in H1’22.

The NBS, in its report on Monday, revealed that CIT also increased YoY by 11.7 per cent to N1.99 trillion in H1’23 from N1.78 trillion in H1’22.

Also Read: JUST IN: Nigeria’s Trade Deficit Rises to N5.7trn in H2

The report further stated that “On the aggregate, VAT for Q2’23 was reported at N781.35 billion, showing a growth rate of 10.11 per cent on a QoQ basis from N709.59 billion in Q1’23.

Local payments recorded were N512.03 billion, Foreign VAT Payments were N142.63 billion, while import VAT contributed N126.69 billion in Q2’23. “On a QoQ basis, the activities of extraterritorial organizations and bodies recorded the highest growth rate with 212.06 per cent, followed by real estate activities with 123.09 per cent.

“On the other hand, activities of households as employers, undifferentiated goods- and services-producing activities of households for own use had the lowest growth rate with –57.06 per cent, followed by agriculture, forestry, and fishing with –32.86 per cent.

In terms of sectoral contributions, the top three largest shares in Q2’23 were manufacturing with 29.64 per cent; information and communication with 21.19 per cent; and financial and insurance activities with 11.18 per cent.”