Some economic watchers have warned that Nigeria’s economy might be heading to a crisis if efforts are not geared towards reducing the country’s trade imbalance
The warning is the sequel to the Nigerian Bureau of Statistics, NBS, report which shows a four trillion naira trade deficit for the first quarter of 2021.
Nigeria, a consuming nation with much dependence on foreign products, including areas it has a comparative advantage for its survival, has resulted in the nation operating on trade deficit for years.
The NBS report for the first quarter of 2021 shows that the nation’s trade deficit is about four trillion naira.
Though the situation seems unhealthy for the nation’s economic recovery and growth policy, economic watchers believe that the government’s emphasis should be geared towards the effective utilization of areas of comparative advantage.
Nigeria’s total import for the first quarter of 2021, stood at 6.9 trillion naira while the total export is 2.9 trillion naira.