November 26, (THEWILL) — Nigeria’s monthly trade surplus declined by 35 per cent to $1.39 billion, according to the latest trade figures, reflecting weaker export earnings and a modest rise in import bills.
The drop marks one of the sharpest month-on-month contractions in recent periods, underscoring ongoing pressure on the country’s external sector.
Analysts attribute the decline to lower crude oil export volumes, price fluctuations in the global market, and increased demand for imported manufactured goods.
Despite the slowdown, Nigeria still maintained a positive trade balance, indicating that total exports continued to outpace imports.
However, the sharp contraction raises concerns about the sustainability of the country’s external earnings, especially as foreign exchange liquidity remains tight and the naira continues to face volatility.
Economists warn that persistent declines in the trade surplus could heighten pressure on Nigeria’s balance of payments and complicate monetary policy efforts aimed at stabilising the currency.
Authorities are expected to monitor the trend closely, with policy discussions likely to focus on boosting non-oil exports, improving local production capacity, and reducing dependence on imported goods.
Further details on sector-specific performance and trade flows are expected in the full monthly report.
Ogochukwu Onwaeze
