The NBS disclosed this in its Foreign Trade in Goods Statistics report for Q1 2020, which was released on Tuesday.
“A trade deficit of N138.98bn was recorded during the quarter, marking two consecutive quarters of negative balance of trade, as the value of imports surpassed exports,” the NBS said. Crude oil, Nigeria’s major export commodity, accounted for N2.94tn, representing 72.12 per cent of total exports in Q1 2020.
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