The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at ₦2,723.9 billion. From the preceding quarter value of ₦3,517.4 billion, this was ₦793.5billion or 22.6% less. This development arose due to a sharp decline in both imports and exports. Exports saw a decline of ₦671.1 billion or 34.6%, while imports declined by ₦122.4 billion or 7.8%. The steep decline in exports brought the country’s trade balance down to - ₦184.1 billion, or ₦548.7bilIion less than in the preceding quarter. The crude oil component of total trade decreased by ₦716.7 billion or 46.6% against the level recorded in Q4,2015

Data source: National Bureau of Statistics

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