The
recent data released by the National Bureau of Statistics (NBS) depicting
favourable balance of trade looks set to vanish on slumping oil prices.
Nigeria’s
external merchandise trade stood at N6.65 trillion in the second quarter of
2014.
Relative
to the N5.51 trillion recorded in the preceding quarter, the value of the
nation’s total merchandise trade increased by N1.14 trillion or 20.8 percent.
At a
value of N3.26 trillion, the crude oil component of exports represented 69.8
percent of total exports for the period.
By
continent of destination, the greatest values of Nigerian exports were sent to
