Nigeria balance of trade

Nigeria balance of trade Analytics & Data

Nigeria balance of trade Statistics

Nigeria balance of trade Quantitative Analysis, Charts & Factors

Nigeria balance of trade Historical Data

The MacroVar database offers free access to historical data for the Nigeria balance of trade, dating back to 1950. This extensive dataset is readily available through MacroVar versatile platforms, including a user-friendly web interface, a robust Python API, and convenient Excel integration. By leveraging these tools, users can efficiently retrieve and analyze decades of Nigeria balance of trade data, supporting a wide range of research, financial analysis, and decision-making processes.

What is the Nigeria balance of trade

Nigeria's balance of trade refers to the difference between the value of exports and imports of goods and services in the country. A positive balance of trade occurs when the value of exports is greater than the value of imports, while a negative balance of trade occurs when the value of imports exceeds the value of exports. Nigeria has historically struggled with a negative balance of trade due to its heavy reliance on oil exports, which make up a significant portion of its total exports. This imbalance puts pressure on the country's foreign exchange reserves and can lead to economic challenges such as inflation and currency devaluation. To address this issue, Nigeria has been working to diversify its economy and promote non-oil exports in order to improve its balance of trade.