The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has said that the Intra African trade tariff is too high at 435 per cent and is detrimental to trade activities as well as the implementation of the African Continental Free Trade Area (AfCFTA).
 
This high tariff, she said, is one of the reasons for the low trade volume among African countries which stands between 13 and 18 per cent while other blocs like the European Union achieve 60 per cent internal trade activities.
 
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said if trade barriers like tariffs, poor infrastructure, poor logistics etc are removed, intra-continental trade can grow by 53 per cent while trade outside the continent can grow by 15 per cent which translates into significant income increase and 10 per cent increase in real income.
 
More details at:
https://leadership.ng/at-435-intra-african-trade-tariff-too-high-okonjo-iweala
​

The United States has recorded a trade deficit of $835 million with Nigeria between January and February 2023. Also, a total of $1.22 billion worth of goods have been imported by Nigeria from the United States within the period, while export by the United States to Nigeria stood at $381.5 million, leading to a trade deficit of $835 million.
 
Between January and February, import statistics revealed that the country imported $725.2 million and $492.2 million goods, while export to Nigeria was $203.5 million in January and $178 million in February 2023...
 
More details at:
https://www.newtelegraphng.com/u-s-records-n384-9bn-trade-deficit-with-nigeria
​

The Japanese Government is to spend a total sum of $2.9 million on the circular economy with Lagos, Abuja and the Federal Ministry of Environment listed as beneficiaries of the first phase of the project.
 
The 36 months programme to be implemented in Abuja is a partnership between the Abuja Environmental Protection Board (AEPB) and United Nations Industrial Development Organization (UNIDO), sponsored by the Japanese Government.
 
The circular economy is an initiative for sustainable and efficient use and processing of all raw materials especially plastic to protect the environment.
 
More details at:
https://leadership.ng/japanese-govt-to-spend-2-9m-on-circular-economy-in-nigeria
​

Nigeria recorded a combined trade deficit of ₦18.3 trillion with China in the last five years, equivalent to a staggering $40 billion in net forex outflows to the second-largest economy in the world.
 
Overall, Nigeria has operated a trade surplus of $23.9 billion in the last 5 years mostly on the back of crude oil exports.
 
More details at:
https://nairametrics.com/2023/04/04/nigeria-recorded-a-combined-trade-deficit-of-n18-3-trillion-with-china-in-the-last-five-years 

The Nigeria Exporting Processing Zones Authority (NEPZA) has said that free trade zone schemes in Nigeria have attracted a cumulative investment of $30.6 billion.
 
Speaking further on the impacts of the free trade zones in the country, Adesugba said:
 
"For instance, we have at the moment, 500 enterprises operating in these zones providing a total of 100,000 direct jobs and more than 170,000 indirect jobs for the country's teeming youth population..."
 
More details at:
https://nairametrics.com/2023/04/02/nigeria-has-attracted-n14-1-trillion-worth-of-investments-through-free-trade-zones-nepza 

The Italian government has opened a trade agency in Lagos in a move to expand the already $2.4 billion yearly trade volume with Nigeria while equally increasing its economic cooperation with the country.
 
Consul General of Italy, Ugo Boni, who disclosed this at the opening of Nigeria Agrofood International show and conference in Lagos yesterday, said his home government is aiming at expanding the current $2.4 billion trade cooperation with Nigeria.
 
Boni said Italy considers economic cooperation with Nigeria, especially, in the area of agriculture development as a key priority.
 
More details at:
https://leadership.ng/italy-to-expand-2-4bn-yearly-trade-volume-with-nigeria
​

Spain has retained the number one spot for the destination of Nigeria’s product in the fourth quarter of 2022, a report by the National Bureau of Statistics (NBS) has disclosed.
 
Recall that Nigeria’s total trade in Q4 stood at $25.5 billion from which total exports stood at $13.8 billion while total imports were $11.6 billion.
 
The report titled, Commodity Price Indices and Terms of Trade Q3 2022, stated that Spain, which occupied the same position in the previous quarter after displacing India, exported goods worth $1.3 billion, representing 9.70 per cent of total exports.
 
More details at:
https://dailytrust.com/spain-tops-export-destination-of-nigerian-products-in-q42022

Nigeria spent at least $5.2bn to import raw materials from other countries in 2022, according to data collated from Foreign Trade Statistics of the National Bureau of Statistics.
 
The data also showed that Nigeria exported raw materials to the tune of $2.2bn, leaving a deficit of $3bn during the period under review.
 
Statistica also reported that raw materials imported into Nigeria amounted to over $4.6bn in 2021.
 
More details at:
https://punchng.com/nigerias-raw-material-imports-soar-to-n2-4tn-nbs
​

The Nigerian Export Promotion Council (NEPC) says the country generated a total of $4.8 billion as revenue from non-oil exports in the year 2022.
 
Yakusak, who was represented by the NEPC’s Trade Promotion Advisor in Imo, Mr Anthony Ajuruchi, said that the generated revenue was a result of accelerated “Export for Survival” campaigns carried out by the Council in the year 2022.
 
He added that in the year under review, Nigeria-made products were exported to 122 countries, with Brazil topping the list for most products.
 
More details at:
https://dailytrust.com/nigeria-generated-4-8b-non-oil-exports-revenue-in-2022
​

The volume of trade between Nigeria and India in 2022 was $14.95 billion, the Indian High Commissioner to Nigeria, Mr. Shri Balasubramanian has revealed.
 
Speaking in Abuja on Thursday during the celebration of the 74th Republic Day of India, the envoy disclosed that the volume of trade was in favour of Nigeria.
 
The envoy said, “there has been improvement in the importation of Indian pharmaceutical products into Nigeria. And there are efforts to improve trading and other ties between the two nations.’
 
More details at:
https://www.thisdaylive.com/index.php/2023/01/27/nigeria-india-trade-volume-hit-14-95bn-in-2022
​