Nigeria’s trade deficit increases in the first half of 2021

In the latest foreign trade report of the National Statistics Office (NBS), data referring to the country’s trade deficit were observed. This deficit continued to widen in the first half of the year, reaching 5,810 billion naira (equivalent to more than 14 billion dollars).

The largest economy on the African continent exported total goods valued at almost 7.990 billion naira between the composite period of January and June 2021, compared to 13.8 trillion naira of imports.

It is not since 1981 that Nigeria had such a high trade deficit. Throughout the first half of 2020, the deficit in Nigeria stood at 2.26 billion naira, to reach 5.12 billion between July and December. According to the NBS, the agent causing this growth in the trade deficit can be derived from a significant increase in the value of imports, which grew more than 60% than expected.