Dear All,
Data suggests that Nigeria’s external position remains weak, as implied by key economic fundamentals (balance of payments, capital importation and foreign trade data). As of Q2:2023, while the current account and trade balance increased by 18.46% YoY and 27.37% YoY, respectively, the decline in crude oil prices (average of USD76.97 in Q2:2023 vs USD130.10 in Q2:2022) during the period resulted in lower export value during the period. In this report, we focus on the necessary actions required to stimulate an improvement in the country’s external sector.
Kindly find attached the full report.
Regards,
