Adeniyi Adebayo, Minister for Industry, Trade and Investment.

Nigeria’s total foreign trade was up 4.4 per cent to hit N8.60 trillion in the second quarter of 2019, compared to N8.24 trillion it had the first quarter, the latest data from the National Bureau of Statistics (NBS) has shown.

The country’s import stood at N4 trillion, which was 46.6 per cent of its foreign trade in Q2 2019, while exports was N4.59 trillion.

During the period under review, Nigeria’s the trade balance was favourable, with N588.8 billion surplus.

Total crude oil export was estimated at N2.65 trillion, which was about 58 per cent of the country’s total export.

Combined with the Q1 2019 performance, Nigeria’s trade balance declined by 63.14% relative to the same period in 2018.

The value of total trade at half-year 2019 was 15.43% higher than for the same period in 2018.