02 December 2016, Sweetcrude, Abuja – A new set of data released on Thursday by the National Bureau of Statistics, shows Nigeria’s trade balance improved by 16.3% in the third quarter to 4.721 trillion Naira.
In the three months which ended September, total trade balance was in improvement of 661.5 billion Naira, over the second quarter.
In terms of exports, crude oil was said to have contributed 84.2% for 1.944 trillion Naira to the headline figure of 2.308 trillion Naira.
Total exports was higher 29.1% in the quarter under review.
Nigeria’s imports grow by 6.2% to 2.413 trillion Naira by September ending, higher by 140.7 billion Naira.
Trade deficit was therefore much lower at 104.144 trillion naira in the third quarter, against 484.238 trillion Naira in second quarter of 2016.