Nigeria’s exports to Africa fell by 25% in H1 2021 Y-o-Y; this is according to foreign trade data released recently by the National Bureau of Statistics (NBS). The fall in African exports was despite the African Continental Free Trade Agreement (AfCFTA), which started in January 2021.
Analysts had expressed optimism about the country’s trade prospects under the free trade agreement, expected to increase intra-African trade by 50% in 2022. Meanwhile, total merchandise trade, which steadied at N12.03tr in Q2 2021, saw an increase of 88.71% Y-o-Y. The rise in trade merchandise came about because of sharp growth in exports, which soared by 26% Y-o-Y. Compared to the first three months of the year, Total trade increased by 23% from N9.75tr in Q12021 to N12.03tr in Q22021. Meanwhile, the country’s import bill rose by 1.45% from N6.85tr in Q1 2020 to N6.95tr in Q2 2020. The rise occurred as exports rose by 74.7% from 2.9tr in Q12021 to 5.07tr in Q22021. Read More.