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              

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