Nigeria Trade Balance
External balance on goods and services NE.RSB.GNFS.CD
Nigeria's trade balance was $-322.4M in 1960, ranked 5th globally. Data from World Bank, covering 1960–1960.
Overview
Nigeria's trade balance stood at $-322.4M in 1960. Nigeria ranked 5th globally.
Nigeria’s trade balance in 1960 registered a deficit of ‑322,411,051.04, placing the country fifth in the global ranking for that year. Because the dataset covers only a single observation, the 1960 figure simultaneously represents the earliest record, the all‑time peak and the all‑time trough for Nigeria, offering no indication of intra‑decadal variation. Compared with peer economies of similar rank, Nigeria’s deficit was smaller than Korea’s ‑369,108,910.89 and Mexico’s ‑411,824,000.00 but larger than Pakistan’s ‑226,585,468.29, suggesting a moderate imbalance relative to these counterparts. The singular nature of the data precludes analysis of structural drivers such as commodity price swings or policy shifts that typically influence trade flows. Nonetheless, the magnitude of the 1960 deficit underscores the importance of diversifying export baskets and enhancing import substitution. Should Nigeria expand its manufacturing base and improve terms of trade, future balances could shift toward surplus, altering the current trajectory.
Data & projection
| Year | Trade Balance | YoY change | Rank |
|---|---|---|---|
| 1960 | $-322.4M | – | #5 |
Detected Pattern
Analysis
Nigeria matched the Export Boom Cycle pattern in 2024. Historically, 71% of countries showing this pattern (546 out of 768) saw trade balance improve within 24 months. View full analysis →
Frequently Asked Questions
Nigeria's trade balance was $-322.4M in 1960. Ranked 5th globally.
Nigeria's trade balance peaked at $-322.4M in 1960.
The lowest trade balance in Nigeria was $-322.4M in 1960.
Nigeria ranks 5th globally in trade balance as of 1960.
The World Bank indicator code is NE.RSB.GNFS.CD. Data sourced from World Bank.
The trade balance of Nigeria in 1960 was $-322.4M. This ranks 5th in the world.
Cite this page
@misc{historysaid_nigeria_trade-balance,
title = {Nigeria Trade Balance},
url = {https://historysaid.com/nigeria/trade-balance/},
publisher = {HistorySaid},
year = {2026}
}