The balance of trade in the third quarter stood at N645bn, down from N2.87tn in the third quarter a year ago.
Nigeria’s economy relies on oil exports for about 58 per cent of government revenue. But the falling price of crude has the country worried as the effects are being felt in all aspects of the country's economy. The price of crude has fallen to its lowest in more than six years as of last week.
Nigeria faces its worst economic crisis in years, since exports of oil also bring in the hard currency that pays for imports. Due to the nation's weak manufacturing sector, Nigeria imports most of what it consumes.
Nigeria’s exports fell by 50.3 per cent in the third quarter from a year ago and imports declined 7.3 per cent, the NBS said. The fall in crude oil exports, which accounted for 69.1 per cent of total domestic exports this year, hit the economy the most.
“The sharp decline in exports and slight decrease in imports contributed to a continued fall in the country’s trade balance, by 32 percent,” the NBS said in a report.
Crude exports fell 18.8 per cent in the third quarter from the second. Imports dropped 1 percent from the second quarter, the NBS said.
