Nigeria’s total foreign trade for Q4 of 2020 increased to N9.12 trn

Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 has ratcheted up to  to N9.12 trillion.
The development represents an increase of 8.88% compared to N8.38 trillion recorded in the previous quarter.
The analysis was released  recently released by the National Bureau of Statistics (NBS).
The report states that  total imports stood at N5.93 trillion, 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.
It was further disclosed that Nigeria’s trade balance plunged further by 14.3% from a N2.39 trillion deficit recorded in the third quarter of 2020 to N2.73 trillion deficit in Q4 2020.
Acccording to the report, energy goods imports increased by 236.20% in Q4 2020 compared to Q3 2020 but dropped by 24.1% when compared to Q4 2019.