Nigeria’s foreign trade data low for Africa's single market roadmap

The figure covers 2018 till September this year. The value translates to 9.3 per cent of the country’s total foreign trade in the period, underscoring the low…

Nigeria’s foreign trade was estimated at N170.27 trillion in the timeframe, with exports slightly higher at 52.6 per cent share of the nominal value. The low intra-regional trade, as underpinned by the NBS figures is low, its growth is also anaemic at best and mostly retrogressive. The African Regional Integration Index does not reflect efforts to push the single market and free-movement agenda in past decades, with foreigners said to be able to move more freely in the region than Africans themselves.

Whereas Nigerian-African trade continues to falter despite efforts to grow the figure in line with the single African market, Asia and Europe have continued to hold the most active Nigeria trade partners. Chinese exports from Nigeria were merely N2.6 trillion or 2.9 per cent of the value of the country’s total exports. On the flip side, Nigeria’s imports from the country, which is touted as the manufacturing machine of the global economy, accounted for 24.4 per cent of the country’s total import bills.

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