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|Nigeria’s trade deficit jumps to $2.5bn – CBN reports by flowbaze: 5:27 pm On April 22, 2021|
Nigeria’s trade deficit rose month-on-month by 49 percent to $2.5 billion in January from $1.69 billion in December last year even as foreign trade stood at $8.14 billion during the period.
This was contained in the CBN’s report titled Economic Report for January 2021 stated that the capital importation dropped by 31 percent to $380 million in January from $550 million in December 2020.
Meanwhile, Naijtech.com gathered that the aggregate external trade improved marginally by 3.2 percent during the period.
The report read: “The expected positive effect of the re-opening of Nigeria’s land borders on trading activities was evident, despite the adverse effects of the second wave of the COVID-19 pandemic Data on aggregate external trade at $8.14 billion, showed a month-on-month increase of 3.2 per cent, from $7.89 billion recorded in December 2020.
“When compared with the corresponding period of 2020, it indicated a 27.5 percent decline. Aggregate exports declined by 9.2 percent to $2.81 billion in the review period, compared with $3.10 billion in December 2020, due, largely, to a decline in crude oil and gas export receipts.
“Merchandise imports, however, increased to $5.33 billion in January 2021, from $4.79 billion in December 2020, as domestic demand improved in the review period.
“A higher trade deficit of $2.51 billion was recorded in January 2021, relative to $1.69 billion in December 2020.
“A disaggregation of capital importation by type of investment showed that inflow of other investments (OI) accounted for the largest share at $0.29 billion, and represented 75.5 percent of the total, followed by foreign direct investment (FDI) inflow of $0.06 billion, which accounted for 16.4 per cent.
“Foreign portfolio investment (FPI) inflow, at $0.01 billion, constituted 8.1 per cent of the total. When compared with the $0.44 billion, $0.09, and $0.02 billion for OI FDI and FPI, respectively, in the previous period, it indicated a decline of 34.1 percent, 33.3 percent, and 50.0 percent, respectively.”
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