06 August 2018 : Nigeria’s current account surplus increased 8% q/q toN2.4 trillion in Q2’18 as a 5% decline in exports was outpaced by a 16% moderation in imports in the period. Analysts note that the decline in exports was driven by normalization of non-oil exports (down 62% q/q) after a spike in Q1’18 as crude oil exports actually grew 4% toN3.7 trillion despite some disruptions to oil exports during the period. 

Looking at Nigeria’s trade profile, China (25%) remains analyst's largest import partner and India (16%) remains analyst's largest export partner. Although the improvement in current account surplus is a positive for Nigeria’s external resilience, it continues to be driven by the country’s ability to produce and export crude oil. 

Reporting for EasyKobo on Thursday , 06 August 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited