Total External Merchandise Trade
The total value of Nigeria’s merchandise trade during the Fourth Quarter of 2015 stood at N3,653.1 billion, 9.2% lower
than the value of N4,021.4 billion recorded in the preceding quarter. For the 2015 calendar year, the country’s total trade
was recorded at N16,426.8 billion, amounting to N7,251.6 billion or 30.6% less than the total trade value recorded for
2014. This development arose largely due to sharp decline the value of exports; from N16,304.0 billion in 2014 to N9,728.8
billion in 2015, a decline of 40.3%. A decrease of N676.4 billion or 9.2% in the total imports in 2015 helped to mitigate
the declining trade balance, which stood at N3,030.8 billion, N5,898.9 billion less than the value in 2014. The crude oil
component of total trade decreased by N4,945.9 billion or 41.6% as against the level recorded in 2014

Data source: National Bureau of Statistics

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