Nigeria’s current account surplus rises 8.5% y/y to $4bn in Q3 2014

By bne IntelliNews February 4, 2015

Nigeria’s current account surplus expanded by 8.5% y/y to $4bn in the third quarter of 2014, as a decline in the trade surplus was more than offset by a smaller deficit on the income account and higher current transfers, data from the Central Bank of Nigeria (CBN) showed.

The country’s trade surplus decreased 3.3% y/y to $9.7bn in Q3 as the value of its crude oil exports fell 3.9% y/y to $19.4bn. At the same time, imports fell 2.9% y/y to $12.9bn.

The deficit on the income balance narrowed by 15% y/y to $5.9bn and the net inflow of current transfers rose 1.8% y/y to $5.6bn.

The deficit on the services account widened by 10% y/y to $5.4bn.

$mn Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q3 2014 y/y Q3 2014 q/q
CURRENT ACCOUNT BALANCE 3 986.0 220.7 4 577.0 5 324.4 3 674.3 8.5% 1706.1%
Trade balance 9 737.6 6 991.7 9 262.6 10 201.6 10 074.1 -3.3% 39.3%
--Exports (fob) 22 670.6 22 496.1 22 737.2 22 556.4 23 391.7 -3.1% 0.8%
---crude oil   19 399.5 18 888.7 18 897.2 18 952.9 20 179.3 -3.9% 2.7%
---gas 2 459.1 2 675.7 2 716.9 2 520.5 2 319.5 6.0% -8.1%
---non-oil 812.0 931.6 1 123.1 1 083.0 892.8 -9.1% -12.8%
--Imports (fob) -12 933.0 -15 504.4 -13 474.6 -12 354.8 -13 317.7 -2.9% -16.6%
---crude oil and gas -2 962.7 -4 818.8 -2 671.4 -2 474.1 -3 692.1 -19.8% -38.5%
---non-oil -9 970.3 -10 685.5 -10 803.2 -9 880.6 -9 625.6 3.6% -6.7%
Services balance -5 442.9 -6 524.2 -5 454.8 -5 361.0 -4 945.6 10.1% -16.6%
--inflows 486.8 508.8 525.3 559.0 813.4 -40.2% -4.3%
--outflows -5 928.9 -7 032.9 -5 980.1 -5 920.0 -5 759.0 3.0% -15.7%
Income balance -5 861.4 -5 958.7 -4 658.2 -5 585.5 -6 905.6 -15.1% -1.6%
--inflows 249.0 270.4 296.7 215.8 250.3 -0.5% -7.9%
--outflows -6 110.4 -6 229.2 -4 954.9 -5 801.2 -7 155.9 -14.6% -1.9%
Current transfers (net) 5 551.8 5 711.9 5 427.5 6 069.2 5 451.5 1.8% -2.8%
--inflows 5 640.2 5 801.0 5 514.9 6 139.1 5 636.9 0.1% -2.8%
--outflows -88.4 -89.1 -87.5 -69.9 -185.4 -52.3% -0.8%
Source: Central Bank of Nigeria              
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Zimbabwe commits to annual independent audits of its gold reserves underpinning new ZiG currency

Zimbabwe's government will ensure its gold reserves which underpin its newly-introduced currency, would be independently audited once yearly, The Herald reports. The southern African nation ... more

South Africa launches cryptocurrency study

South Africa’s central bank has initiated studies to explore the feasibility of permitting fiat-backed stable coins to undergo testing within a regulatory sandbox environment over two years. The ... more

ENRG advances surveying at Niger uranium project Agadez within highly prospective Tim Mersoi Basin

ENRG Elements, which focuses on exploring and developing uranium and copper projects, has used radiometrics and a recent trenching program to identify potentially significant uranium mineralisation ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    8 days ago
  4. Don't mention the "D" word - Ukraine
    5 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    2 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    30 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    28 days ago
  5. Saudi Arabia to scale back plans for Neom city
    15 days ago

Reports

Dismiss