Economy

Nigeria’s 2020 Trades Drop 10.5% Despite Improvement in Q4

Published

5 years ago

09/03/2021

By Adedapo Adesanya

Despite an increase in trade activities in the final quarter of last year, Nigeria’s total trade dropped 10.5 per cent in 2020, data from the National Bureau of Statistics (NBS) has revealed.

In the Foreign Trade in Good Statistics for the fourth quarter released on Tuesday by the agency, it was disclosed that the country recorded a total of N32.4 trillion in both its import and export for the year compared to N36.2 trillion in 2019.

An analysis of the report by Business Post showed that Nigeria recorded higher imports than exports in the year due to the impact of the COVID-19 pandemic.

The value of total imports in 2020 stood at N19.9 trillion, 17.8 per cent higher than N16.9 trillion in 2019, while total exports dropped by 34.9 per cent to N12.5 trillion from N19.2 trillion in the previous period.

This brought about a trade deficit of N7.4 trillion in the year under review.

However, as earlier stated, in the fourth quarter of the year, the value of trade was the highest recorded over the past year as total merchandise trade stood at N9.1 trillion, representing an increase of 8.9 per cent over the level recorded in the third quarter of 2020 but was 9.9 lower when compared to the fourth quarter of 2019.

The export component of trade stood at N3.2 trillion, an increase of 6.7 per cent over the preceding quarter but a drop of 33 per cent over the previous year. Further, the share of exports in total trade declined to 35 per cent in Q4 2020 from 47 per cent a year earlier.

On the other hand, total imports reached a record high at N5.9 trillion in Q4 2020, an increase of 10.1 per cent over the preceding quarter, and 10.8 per cent over the preceding year. Imports also accounted for 65 per cent of total trade in Q4 2020, compared to 53 per cent the previous year.

As the value of imports nearly doubled the value of exports, the trade deficit rose to its highest level and a fifth consecutive quarterly deficit at N2.7 trillion, signifying an increase of 14.3 per cent compared to the preceding quarter.

In a breakdown of the import figures during the whole year, machinery and transport equipment accounted for 36.6 per cent, chemicals and related products recorded 18.2 per cent while mineral fuels followed with 15.3 per cent.

By destination, Asia also accounted for the largest imports to Nigeria, representing 49.3 per cent of total imports during the period, this was valued at N9.8 trillion in 2020.

This was followed by Europe with imports valued at N6.6 trillion, equivalent to 33.3 per cent of total imports, while America, recorded N2.6 trillion or 13.2 per cent of total imports for the period.

By country of origin for the full year, imported goods originated mainly from China and were valued at N1.7 trillion representing 28.3 per cent of total imports. This was followed by India (N506 billion or 8.5 per cent), the United States (N408.6 billion or 7.6 per cent), the Netherlands (N424.5 billion, or 7.2 per cent) and Denmark (N319.9 billion, or 5.4 per cent).

During the period, there were declines in agricultural, solid minerals, energy goods, manufactured, crude and other oil exports.

Crude oil exports accounted for the chunk of Nigeria’s exports as 75.2 per cent of the total figure was gotten from the black gold. This amounted to N9.4 trillion for the year under review while non-crude oil exports accounted for N3.1 trillion (24.8 per cent) of the export figure in the year.

The stats office said in the fourth quarter of last year, India was the major country Nigeria exported its products to, accounting for 17.1 per cent. Spain followed with 9.8 per cent, South Africa accounted for 8.0 per cent, The Netherlands accounted for 6.1 per cent, while the United States contributed 5.3 per cent.

Economy

Unlisted OTC Securities Slide Further by 0.35%

Published

2 hours ago

18/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further dropped 0.35 per cent on Tuesday, March 17, with the market capitalisation down by N8.80 billion to N2.471 trillion from the preceding day’s N2.480 trillion, and the NASD Unlisted Security Index (NSI) dipping by 14.71 points to 4,130.89 points from 4,145.60 points.

The loss recorded during the session was influenced by three securities, which overpowered the gains recorded by four stocks.

Okitipupa Plc lost N15.00 to sell at N215.00 per unit compared with the previous day’s N230.00 per unit, FrieslandCampina Wamco Nigeria Plc depreciated by N1.23 to trade at N122.32 per share versus Monday’s closing price of N123.55 per share, and Afriland Plc declined by 90 Kobo to quote at N17.05 per unit versus N17.95 per unit.

On the flip side, Central Securities Clearing System (CSCS) gained 36 Kobo to close at N75.43 per share versus the preceding session’s N75.07 per share, Geo-Fluids Plc added 6 Kobo to trade at N3.11 per unit compared with the previous day’s N3.05 per unit, Lighthouse Financial Service Plc improved by 5 Kobo to 60 Kobo per share from 55 Kobo per share, and Industrial and General Insurance (IGI) Plc rose by 1 Kobo to 55 Kobo per unit from 54 Kobo per unit.

Yesterday, the volume of securities surged by 97.5 per cent to 921,265 units from 265,610 units, the value of securities advanced by 64.6 per cent to N54.7 million from N33.2 million, and the number of deals went up by 46.2 per cent to 38 deals from 26 deals.

The most active stock by value (year-to-date) was CSCS Plc with 38.7 million units worth N2.4 billion, trailed by Okitipupa Plc with 6.4 million units valued at N1.2 billion, and FrieslandCampina Wamco Nigeria Plc traded 6.8 million units for N649.1 million.

The most traded stock by volume (year-to-date) was Resourcery Plc with 1.1 billion units sold for N415.6 million, followed by Geo-Fluids Plc with 130.9 million units exchanged for N505.1 million, and CSCS Plc with 38.6 million units worth N2.4 billion.

Economy

Nigeria’s Stock Market Now N130trn After 0.54% Surge

Published

2 hours ago

18/03/2026

Dipo Olowookere

By Dipo Olowookere

A 0.54 per cent surge was witnessed by the Nigerian Exchange (NGX) Limited on Tuesday as a result of strong investor demand and broad-based gains in the banking and industrial goods sectors.

According to data from the bourse, the industrial goods space expanded by 4.44 per cent, and the banking index chalked up 4.30 per cent, offsetting the losses recorded by the three other indices due to profit-taking.

Business Post reports that the consumer goods sector depreciated by 1.30 per cent, the insurance counter shrank by 0.41 per cent, and the energy landscape lost 0.13 per cent.

At the close of business, the market capitalisation soared by N696 billion to N130.026 trillion from N129.330 trillion, and the All-Share Index (ASI) surged by 1,084.52 points to 202,559.41 points from 201,474.89 points.

BUA Cement ended the day as the best-performing equity after it jumped 10.00 per cent to N326.70, Premier Paints appreciated by 9.86 per cent to N23.40, Zenith Bank expanded by 7.91 per cent to N111.15, NAHCO moved up by 7.14 per cent to N175.60, and RT Briscoe grew by 6.67 per cent to N11.20.

Conversely, Presco was the worst-performing equity, with a decline of 10.00 per cent to quote at N1,875.60. Caverton dropped 8.70 per cent to N6.30, Secure Electronic Technology lost 7.69 per cent to trade at N1.20, Guinea Insurance shed 6.43 per cent to quote at N1.31, and International Breweries crashed by 6.35 per cent to N14.00.

During the session, 1.8 billion shares worth N88.1 billion exchanged hands in 62,654 deals compared with the 948.2 million shares valued at N49.2 billion traded in 72,735 deals a day earlier, implying a contraction in the number of deals by 13.72 per cent, and an expansion in the trading volume and value by 89.83 per cent and 79.07 per cent, respectively.

Dominating the activity chart was FCMB with a turnover of 516.2 million equities valued at N6.6 billion, Wema Bank transacted 213.4 million shares for N5.6 billion, Zenith Bank traded 163.1 million stocks worth N18.1 billion, Access Holdings sold 123.9 million equities valued at N3.2 billion, and GTCO exchanged 100.0 million shares worth N12.4 billion.

Economy

Naira Strengthens to N1,344/$ at Official FX Market

Published

2 hours ago

18/03/2026

Adedapo Adesanya

By Adedapo Adesanya

It was another outstanding performance for the Nigerian Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, March 17, as it further appreciated against the US Dollar by N8.46 or 0.62 per cent to trade at N1,344.04/$1, in contrast to Monday’s closing rate of N1,357.77/$1.

It also gained N6.85 against the Euro in the official FX market during the session to sell at N1,551.46/€1 compared with the previous day’s N1,558.31/€1, but weakened against the Pound Sterling by N6.33 to close at N1,795.87/£1 versus Monday’s value of N1,789.54/£1.

At the GTBank forex counter, the Naira improved its value against the Dollar yesterday by N20 to settle at N1,365/$1 compared with the preceding session’s N1,385/$1, and in the black market, it remained unchanged at N1,395/$1.

With over $50 billion in foreign reserves, analysts assert that the outlook for the Naira is positive, powered by expectations of increased forex receipts from Nigeria’s hydrocarbon sales, as potential disruptions to global oil supply have increased volatility in energy markets.

The pressure that has piled on the local currency appeared to ease, buoyed by higher oil prices that have continued to bolster market sentiment.

Call for allies to help reopen the Strait of Hormuz was ignored, prompting traders to speculate that a continued closure is likely, which means oil prices will remain higher.

Meanwhile, the cryptocurrency market was in green ahead of a Federal Reserve meeting. There are no expectations that the US central bank will move rates at its Wednesday meeting, but Chairman Jerome Powell’s tone regarding the inflation outlook could prove a catalyst.

Analysts noted that a hawkish tone alongside hot February Producer Price Index (PPI) inflation data could weigh on equities and crypto, but Mr Powell’s signal that the Federal Reserve is treating rising oil prices as a temporary shock could extend the crypto rally.

Cardano (ADA) appreciated by 2.6 per cent to $0.2905, TRON (TRX) grew by 2.3 per cent to $0.3033, Ripple (XRP) jumped 1.2 per cent to $1.52, Ethereum (ETH) rose 0.9 per cent to $2,320.83, Dogecoin (DOGE) increased by 0.8 per cent to $0.1005, Solana (SOL) gained 0.6 per cent to sell at $94.11, and Bitcoin (BTC) went up by 0.3 per cent to $74,073.07.

However, Binance Coin (BNB) lost 0.3 per cent to close at $672.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.