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
EFCC arrests ex-NNPCL official and previous Warri managing director
Nigeria’s Economic and Financial Crimes Commission (EFCC) has arrested a former CFO of the Nigerian National Petroleum Co. Ltd (NNPCL), as well as a former managing director of 125,000 barrels per ... more
Fitch warns Ghana’s reserves at risk if gold prices plunge amid global geopolitical shifts
A sharp fall in global gold prices, now sitting above a record-high $3,300 per ounce, could rapidly erode Ghana’s international reserves and trigger fresh economic instability, ... more
Ghana’s debt-laden oil refinery TOR faces $517mn burden amid IMF reclassifications
Ghana’s state-owned Tema Oil Refinery (TOR) is grappling with a ballooning debt of $517mn, its management has revealed, attributing the liability to a mix of trade arrears, legacy obligations, and ... more