Nigeria’s trade surplus improved to NGN 2.145trln (EUR 9.9bn) in the second quarter of 2013 from NGN 1.805trln in the preceding quarter, as the value of exports rose 8.4% q/q, while the value of imports fell 2.9% q/q, the National Bureau of Statistics (NBS) said. Nigeria’s exports rose to NGN 3.743trln in Q2 2013 from NGN 3.452trln in Q1 2013 thanks to a 145% surge in non-crude oil exports, while imports fell to NGN 1.598trln from NGN 1.647trln.
Compared to Q2 2012, Nigeria’s Q2 2013 trade surplus was by 49.7% lower as imports increased by 13.5% while exports decreased by 34.1% y/y.
Nigeria’s crude oil exports stood at NGN 2.709trln in Q2 2103, down 10.6% q/q and down 23.6% y/y. The West African country is the continent’s largest oil producer, but it is troubled by widespread oil thefts and frequent vandalism.
Related Articles
South Africa central bank deprioritises retail CBDC as national payment reforms take priority
The South African Reserve Bank (SARB) has issued a new position paper assessing the feasibility of a retail central bank digital currency, concluding that South Africa does not currently have a ... more
Uganda’s Gogo Electric secures $1mn from EU-backed ElectriFI to scale battery-swap e-mobility network
Ugandan electric mobility startup Gogo Electric has secured $1mn in funding from the EU-funded Electrification Financing Initiative (ElectriFI), the company announced this week, marking a significant ... more
Cell C debuts on Johannesburg Stock Exchange with $490mn valuation amid restructuring
Cell C Holdings (JSE:CCD) listed on the Johannesburg Stock Exchange this week, marking a significant step in the company’s multi-year restructuring programme. The shares closed at ZAR26.50 each, ... more
Most Read
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago
-
India’s smart metering push gains momentum
4 months ago
-
The birth of a Kazakh banking empire: ATF Bank
3 years ago