Nigeria Records N3.2tr Trade Surplus In 2022- NBS

Nigeria recorded a N3.2 trillion trade surplus between January and June of 2022.

This was disclosed by the Nigerian Bureau of Statistics in a recent report titled: ‘Foreign trade in goods statistics (Q2 2022)’.

“In the first half of the year, Nigeria’s total exports stood at N14.5 trillion and total imports stood at N11.3 trillion, which gives a trade surplus of N3.2 trillion.

“A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.

“In Q1 2022, Nigeria’s total trade stood at N13 trillion. This was higher than the value recorded in the fourth quarter of 2021 (N11.7 trillion) and the value recorded in the corresponding period of 2020, which stood at N7.69 trillion.

“In Q2, the country’s total trade stood at N12.1 trillion, which was lower than the value recorded in Q1 2022, but sum the total trade for the first half of 2022 to N22.8 trillion”, to report read in parts.