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.
Temu has embarked on an extraordinary global expansion, cementing its place as a leading e-commerce platform across multiple markets. From its launch in the US in 2022, Temu has quickly become one of the most downloaded shopping apps in the country.
However, Temu's rapid rise has not been without its challenges. Regulators in the EU, US, and South Korea have closely scrutinised the company, examining potential links to labour issues, data protection concerns, and intellectual property violations. Despite these hurdles, Temu has continued to forge ahead, becoming Meta's top advertiser for the year and making a splash with its second Super Bowl campaign in 2024. As Temu expands into new regions, the company must navigate an evolving regulatory landscape to maintain its momentum and solidify its position as a global e-commerce powerhouse.