In March 2023, Nigeria reported a trade surplus of 908.5 bln naira, marking a significant turn-around from a deficit of 617.1 bln during the same month last year. In the first quarter, Nigeria’s trade balance improved, shifting from a 393.6 bln naira deficit to a surplus of 927.2 bln, as imports contracted by 25.8%, while exports fell by only 8.7%.