Higher oil prices fail to plug trade deficit as in 2019

Nigeria’s trade balance took a turn for the worse in the first half of 2021 as imports surged and the trade deficit hit N5.81 trillion.

Unlike in 2019, higher crude oil prices in 2021 have failed to lift Nigeria’s one and half years’ trade deficit out of the negative due to what analysts blame on stagnating oil production and the country’s increasing dependence on imported goods. Nigeria’s trade balance took a turn for th

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