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Nigeria records negative trade balance in Q3

Nigeria recorded a negative trade balance of N3b in the third quarter of 2021.

The total trade figure in Nigeria, for the period stood at N13.2b, of which export trade value was N5.1b and import value was N8.1b.

At a News Briefing in Abuja, the Statistician-General of the Federation, Dr. Simon Harry explained that the trade deficit was majorly due to increase in import of Premium Motor Spirit, Gas Oil with and Imported motorcycles and cycles.

The Statistician-General of the Federation said Nigerian export trade was mainly dominated by crude oil which stood at Seventy Eight point four Seven of total export followed by Natural Gas which was Nine point five-Zero in the quarter under review.

Dr Harry explained that the top five major export trading partners during the third quarter were India, Spain, Italy, France and Netherlands while top import trading partners in the period under review were China, the United States, Netherlands and Belgium.

Dr Harry explained the international Trade Statistics were important indicators that enable countries to prepare multilateral and bilateral negotiation within the framework of common Commercial policy and evaluate progress in regional markets.

Reporting by Samuel Adeyinka/ Biodun Dare; Editing by Tina Oyinsan