Nigeria records N126bn trade deficit in Q1’20 – NBS

Insurance sector contracted by 12.05% in Q4 – NBS

As 3-month importation from china gulps N1.1trn _____________________________ Nigeria has recorded a trade deficit of N125.77 billion in the first quarter of 2020 after the country imported goods worth N1.9 trillion against exported commodities worth N1.8 trillion in the period under review. This is revealed in the latest report by the National Bureau of Statistics (NBS) titled, ‘Commodity price indices and terms of trade Q1,’ which also indicated that said importation were higher than exports by N124.77 billion The five countries with highest bilateral deal as sources of importation to…

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US import of Nigerian oil drops by 63%

US, import, oil drops

The United States’ import of Nigeria crude oil plunged by 63.03 per cent in the first quarter of this year, compared to the last quarter of 2019. Latest data from the US Energy Information Administration showed that the country imported 5.53 million barrels of crude from Nigeria in Q1 2020, down from 15.07 million barrels in Q4 2019. The US bought 1.92 million barrels in January; 1.93 million barrels in February and 1.68 million barrels in March, according to the EIA. The US has significantly reduced imports of Nigerian crude…

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