Weak oil sales push Nigeria’s foreign trade lower

Nigeria’s foreign trade transactions fell to N11.59 trillion in the third quarter of 2022 from N12.84 trillion in the previous quarter owing largely to low oil sales, new data released by the National Bureau of Statistics (NBS) have shown.

When compared to the corresponding period in 2021, the country’s foreign trade in Q3 2022 is 10.7 percent higher than the N10.47 trillion recorded during the same period last year.

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