Nigeria’s Q3 foreign trade surplus shrinks 32% q/q on oil price drop

By bne IntelliNews December 18, 2015

Nigeria’s foreign trade surplus narrowed 32% q/q to NGN645bn ($3.2bn) in the third quarter, mainly because of a 19% drop in the value of crude oil exports, data from the country’s National Bureau of Statistics (NBS) showed. Compared to the same period last year, Q3’s trade surplus was 78% smaller.

Nigeria’s total exports shrank 12.1% q/q and 50.3% y/y to NGN2.33trn in Q3, while imports fell 1.0% q/q and 7.3% y/y to NGN1.69trn.

Africa’s biggest oil producer exported NGN1.61trn worth of crude oil in Q3, down 19% q/q and 49% y/y due to the plunge in global oil prices. According to previously released data by the NBS, the country’s average daily crude oil production increased to 2.17mbpd in Q3 from 2mbpd in Q2 and 2.15mbpd in Q3 2014.

Oil exports are a key indicator for Nigeria, as they are a major source of government revenue and foreign exchange earnings, but the country is troubled by widespread pipeline vandalism and oil theft, in addition to the sharp drop in oil prices.

Nigeria’s major export markets in Q3 were to India with a 17.5% share of total exports, followed by Netherlands with 10.5% and Spain with 9.1%.

Most of the imports to the West African country came from China, 27.2% of the total, followed by the US (9.5%), and Belgium (7.6%).

  Q3 2015, NGN bn Q2 2015, NGN bn Q3 2014, NGN bn y/y change q/q change
Exports 2 333.2 2 654.0 4 697.8 -50.3% -12.1%
--crude oil 1 611.6 1 984.3 3 149.3 -48.8% -18.8%
--non crude oil 721.6 669.7 1 548.5 -53.4% 7.7%
Imports 1 688.2 1 705.7 1 820.7 -7.3% -1.0%
Trade balance 645.0 948.3 2 877.1 -77.6% -32.0%
source: NBS          

Related Articles

UK’s Vedanta Resources to invest $1bn in Zambian copper mine

The UK-listed diversified resource and mining company Vedanta Resources will invest $1bn in its Zambian mining unit Konkola Copper Mines (KCM), creating 7,000 jobs, the mining firm said in a ... more

Almaty cost of living lowest among major cities

Kazakhstan’s largest city and business centre Almaty has dropped to last place on the Economist Intelligence Unit’s bi-annual ranking of the ... more

AB InBev sells 54.5% stake in African Coke bottling business for $3.15bn

Anheuser-Busch InBev will sell a 54.5% stake in Africa's largest Coke bottler to Coca-Cola Company for $3.15bn, the two companies said in a joint statement on December 21. The deal is expected to ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss