Nigeria Recorded N1.94tn 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.

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