April 1, 2022/Coronation Research

Nigeria in focus

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 N20.8trn from N12.7trn. The net result was a deficit of N1.9trn, which followed a deficit of N178bn the previous year. 

Global/Regional in focus

According to World Trade Organisation, merchandise trade increased by 24.4% y/y (USD2.1trn) to USD11.2trn in Q3 ’21. However, the recovery in 2021 was affected by supply shortages, on the back of bottlenecks in global freight transport, spiralling shipping costs, logistic disruptions, semiconductor shortages, and rising energy prices. The Russia-Ukraine crisis has hampered progress with global trade activity and has led to hikes in prices of some core commodities such as wheat.

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