The latest report from the National Bureau of Statistics (NBS) in its series on foreign
trade in goods shows the total value of trade increased by 11.8% q/q to N11.7trn in
Q4 ‘21. For FY ’21, total foreign trade increased by 57.6%, to N39.7trn from N25.2trn
in 2020. Compared with 2020, the total export value rose by 51% to N18.9trn, from
N12.5trn and the import value rose by 64.1% to .from N12.7trn. The net
result was a deficit of N1.9trn, which followed a deficit of N178bn the previous year.