Six months ago, I wrote about how Nigeria is spending much more than it earns on the international market, with imports surpassing exports by ₦7 trillion in 2020. Things did not get better in 2021. Nigeria's current account deficit was nearly ₦9 trillion by the end of the third quarter.
Putting that in context, exactly ten years ago, Nigeria had a current account surplus of ₦9 trillion.
It does not take a genius to realise that the collapse in Nigeria's exports is linked to lower oil & gas revenues since the coronavirus pandemic hit. Today though, we look under the hood to figure out what exactly Nigeria exports.
Oil? Gas? Yams? Wigs? People?
What does this $400 billion economy of 200 million people sell to the world?
Not much, apparently.