According to the recently released Economic Outlook for Nigeria, trade in 2011 grew Nigeria grew 47.9% higher than the 2010 figures. It also grew by 57% in 2010 when compared to the 2009 figures. This includes both exports and imports and with growth figures such as these, the ability of the economy to attract foreign investment is made stronger. But what interest me the most is the value of export vs import. I remember back then when the cry was trade deficits, that is imports being higher than exports. Well, it seems those days are over if the table below is correct
This surely shows exports mostly gaining higher than imports in the last couple of years. It is important to note though, that export is higher not as a result of an exponential all round growth in the non-oil export side of things but by higher oil price over the last couple of years.