Nigeria’s Q2 trade surplus widens by 19% q/q on higher exports

By bne IntelliNews September 16, 2013

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’s MTN to invest $350mn in Iranian broadband

South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more

South Africa receives another downgrade to junk

Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more

S&P downgrades South Africa's credit rating to junk after cabinet reshuffle

Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more

Dismiss