In a report released by Nairametrics, Nigeria’s total foreign trade for the fourth quarter (Q4) of 2020 rose to N9.12 trillion, representing an increase of 8.88% compared to N8.38 trillion recorded in the previous quarter.
This is according to the foreign trade report, recently released by the National Bureau of Statistics (NBS).
According to the report, total imports stood at N5.93 trillion, 10.1% increase compared to N5.38 trillion recorded in Q3 2020, while total export rose by 6.72% from N2.99 trillion to N3.19 trillion.
Also, Nigeria’s trade balance plunged further by 14.3% from a N2.39 trillion deficit recorded in the third quarter of 2020 to N2.73 trillion deficit in Q4 2020.
