Business

Nigeria Records N3trn Negative Foreign Trade Balance In Q3 – NBS

Published

4 years ago

December 6, 2021

National Bureau of Statistics(NBS) has revealed that Nigeria recorded N3 trillion negative foreign trade balance in the Third Quarter(Q3) of 2021 as total import hits N8.2 trillion against N5.1 tillion in the period under review.

The Statistician General of the Federation and Chief Executive Officer of National Bureau of Statistics, Dr. Simon Harry made this disclosure during a press briefing in Abuja on Monday.

He disclosed that Nigerian export trade was mainly dominated by Crude Oil, which amounted to N4 trillion Naira.

Meanwhile, Premium Motor Spirit (PMS) valued at N1.05 trillion topped Nigerian import trade.

According to Dr Harry, “In terms of exports, Nigerian Export trade was mainly dominated by Crude Oil which amounted to N4trillion(78.47%) of total export in the Third Quarter. This was followed by Natural gas, liquefied with 487.49billion(9.50℅), floating of submersible drilling platforms with N163.70billion(3.19%) and Urea, whether or not in aqueous solution with 107.17billion(2.08%).

“On the other hand, imports were mainly motor spirit valued at N1.1trillion(12.91%), Dur wheat valued at 315.17billiom(3.87%), Gas Oil with N225.63billion(2.77%), Used Vehicles N185.41billion(2.27%).

“In terms of trading partners, the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion. Similarly, the top import trading partners in the period under review were China with N2,441.79billion, India with 710.35billion, United States with 599.12billion, Netherlands with N554 billion and Belgium with N434.12 billion”, the statistician general stated.

International trade is an exchange or trade of goods between different nations which cut across imternational borders or territories.

NBS stated that collection of data is majorly from secondary data sources such as the Nigeria Customs Service(NSC), Nigeria National Petroleum Corporation(NNPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority(NPRA), Central Bank of Nigeria(CBN)

Others are Nigerian Export Procession Zone Agency(NEPZA), Nigeria Liquified Natural Gas Limited(NLNG), Nereli Technology Limited, Gojopal Nigeria Limited, Anglia International Limited, Oil and Gas Free Zone Agency(OGFZE), Nigeria Electricity Regulatory Commission(NERC), Federal Airports Authority of Nigeria(FAAN), Nigeria Civil Aviation(NCAA), Nigeria Port Authority, among others

Business

NNPCL Increases Fuel Price

Published

3 days ago

August 5, 2025

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

Business

Naira Appreciates Against Dollar As External Reserves Swell

Published

3 days ago

August 5, 2025

Editor

The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

Business

Naira Continues To Appreciate Against Dollar On Official Market

Published

7 days ago

August 1, 2025

Editor

The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.