Updated: Nigeria records first trade deficit in 4yrs as COVID-19 hurts export

A trade deficit occurs when a country’s import exceeds its export during a given time period.

For the first time in four years, Nigeria’s trade position was negative in 2020 as the COVID-19 pandemic crushed oil demand, sending the revenue of oil-exporting countries tumbling. Africa’s largest oil producer posted a N7-trillion trade deficit in 2020, with exports falling as much as 35 pe

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