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Nigeria’s Import Bill Grows As Exports Remain Oil-Dependent: NBS

Exporting crude oil has been Nigeria's main source of revenue for decades. Sodiq Adelakun/Channels Television
Exporting crude oil has been Nigeria’s main source of revenue for decades. Sodiq Adelakun/Channels Television

Nigeria’s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion as the value of imports continued to outpace exports, the National Bureau of Statistics said on Monday.

This was contained in the NBS’ Foreign Trade in Goods Statistics report.

The deficit was an increase of 26.53% compared to the same period in 2020.

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Total imports in the third quarter grew to N8,153.79 billion, showing an increase of 17.32% quarter on quarter and 51.47% on a year-on-year basis.

And total exports were pegged at N5,130.30 billion, which shows a 1% growth compared to the second quarter of the same year and a 71.38% growth compared to the third quarter in 2020.

“Export in the third quarter 2021 was still oil-dependent,” the NBS said. “Crude oil exports recorded N4,026.18 billion and it remained the major product in total exports (78.48%), while non-crude oil was valued at N1,104.1 billion or 21.52% of total exports of which Non-oil products only contributed N546.27 billion representing 10.65% of total exports during the quarter under review.”

Nigeria’s major export trading partners, according to the report were India (14.78%), Spain (12.22%), Italy (8.69%), France (7.08%), Netherlands (4.78).

However, the major import trading partners were China (29.95%), India (8.71%), the United States (7.35%), the Netherlands (6.80%) and, Belgium (5.32%).

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