The just released foreign trade statistics by the National Bureau of Statistics for Q2:2020, reveals how Nigeria’s external sector fared in the wake of the pandemic. The statistics revealed that the country’s total trade dropped significantly by 27.46% YoY and by 27.30% QoQ, bringing the cumulative total value of trades in H1:2020 down by 11.96% to NGN14.83trn (vs. NGN16.84trn in H1:2019). In the second quarter, imports rose by 0.39% YoY, while total exports slumped by 51.73% YoY. This worsened the previous trade deficit from the first quarter (NGN421.26bn) to a cumulative of NGN1.80trn in H1:2020.
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