Nigeria recorded N138.98bn trade deficit in the first quarter of 2020, according to figures from the National Bureau of Statistics.
The NBS stated this in its report on ‘Foreign trade in goods statistics’ for the first quarter of 2020, which was released on Tuesday.
Part of the report read, “The value of Nigeria’s total trade stood at N8.3tn in Q1, 2020.
“This was 17.94 per cent lower than the value recorded in Q4, 2019 but 0.80 per cent higher than the value recorded in Q1, 2019.
“The import component of this trade was valued at N4.22tn or 50.8 per cent, while the export component totalled N4.08tn indicating 49.2 per cent of the total trade.
“A trade deficit of N138.98bn was recorded during the quarter, marking two consecutive quarters of negative balance of trade, as the value of imports surpassed exports.”
The report noted that the consecutive quarters of negative trade balances (and lower imports and exports) occurred against the backdrop of a global slowdown in economic activity as a result of the COVID-19 pandemic.
It stated that the global health crisis resulted in several countries implementing varying degrees of restrictions with respect to international trade, travel, and tourism.
When compared with the preceding quarter, the deficit in Q1 2020 represented an improvement by 76 per cent.
On a year-on-year basis, however, the deficit was lower by 116.71 per cent.
