Nigeria's trade surplus peaked at ₦16.8t in 2012, reaching its lowest in 2023

  • Between 2008 and 2015, Nigeria experienced consistent trade surpluses.
  • In 2023, Nigeria recorded the least trade surplus in 16 years since 2008.
  • Nigeria recorded trade deficits in three years (2016, 2020, and 2021) since 2008.
  • 2021's ₦1.9 trillion deficit marked a downturn in trade performance

The period from 2008 to 2015 saw Nigeria’s trade balance soar, with consistent surpluses indicative of a thriving export sector.

Years with trade deficits, like 2016, 2020, and 2021, suggest that Nigeria was spending more on foreign goods than it earned from exports. This could have led to a trade imbalance that negatively affected economic stability and growth.

By 2023, Nigeria’s trade balance was ₦44.8b, the lowest recorded in the period.

Source:

National Bureau of Statistics

Period:

2008 - 2023
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