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Research Document: NESG 2021 Q3 Foreign Trade Alert December 2021


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Posted Wed, Dec 8, 2021 9:25 AM

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Nigeria’s External Trade spiked 58% on pick-up in global economic activities

Nigeria’s external trade value rose by 58.3% (year-on-year) to N13.3 trillion in the third quarter of 2021 from N8.4 trillion in 2020Q3. It also represents an improvement when compared with the value of external trade of N12 trillion in 2021Q2. In the first three quarters of 2021, the external trade value grew more than half to N35.1 trillion, relative to its level in the corresponding period of 2020 (N23.3 trillion). This impressive performance could be largely attributed to improved global economic activities, following the recovery of many countries from the pandemic-induced recession since the second quarter of 2021, with the Trade sector being a key beneficiary. In fact, the International Monetary Fund (IMF) projected a rebound in trade volume growth to 9.7% in FY’2021 from a contraction of -8.2% in 2020.

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All text, graphics, audio files, code, downloadable material, and other works on this web site are the copyrighted works of the Nigerian Economic Summit Group (NESG).