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Nigeria has recorded a trade deficit of N196 billion in the second quarter, making it the second consecutive quarter the country has recorded trade deficits…

Nigeria has recorded a trade deficit of N196 billion in the second quarter, making it the second consecutive quarter the country has recorded trade deficits in 2016.
This was contained in a report released yesterday in Abuja by the National Bureau of Statistics (NBS).
Analysis of the report showed a N154.8 billion reduction in the country’s trade deficit over the previous quarter.
The report showed that the total value of Nigeria’s merchandise trade in Q2, 2016 was N3.94 trillion, being 49.0 percent more than the value of N2.65 trillion recorded in the preceding quarter.
Analysis showed that the development arose from a rise of N725.6 billion or 63.3 percent in the value of exports combined with a rise of N570.8 billion or 38.1 percent, in the value of imports against the levels recorded in the preceding quarter.
The NBS explained that the rise in the value of export was “largely due to exchange rate gains.”
The country’s import trade stood at N2.07 trillion at the end of Q2, 2016, showing an increase of 38.1 percent from the N1.50 trillion recorded in the preceding quarter.
“As with exports, the increase in import value can be traced to a decline in the value of the naira,” the NBS stated in the report.
 

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