The value of Nigeria’s international trade deficit rose by 175.13 per cent from $152.94m in January 2022 to $420.79m in March 2022, according to data from the Central Bank of Nigeria.
The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022, with imports at $14.77bn and export at $14.01bn, showing a total trade deficit of N764.69m.
In January 2022, export was $4.74bn and import was $4.89, with a trade deficit of $152.94m.
The value of the trade deficit increases further in February 2022 to hit $190.96m, with export at $4.70bn and import at $4.89bn.
A massive increase is recorded by March 2022 at $420.79m trade deficit, with export at $4.57bn and imports at $4.99bn.
The CBN Governor, Godwin Emefiele, had said in June last year that the country would cut down its import bill in the first quarter of 2022, particularly with the functioning of the Dangote refinery, which would reduce Nigeria’s oil import.
Credit: Punch

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