COVID-19: FBNQuest Projects Hiccups In Trade Activities

Analysts at FBNQuest Research, a subsidiary of First Bank of Nigeria, said the country will experience interruptions in trade activities (imports and exports) as a result of the outbreak of Corona Virus Disease (COVID-19).

The FBNQuest disclosed this in a research statement saying:”The global health crisis has resulted in a slowdown in economic activity (initially in China but now spreading far more widely).

“To control the pandemic, countries are closing their borders. Trade activities are being disrupted on the back of COVID-19, which will surely be reflected in the NBS report on foreign trade for the current quarter.”

The latest data from the National Bureau of Statistics (NBS) in its report on foreign trade in goods for Q4’19 showed that the total value of trade stood at N10.1trillion, representing an increase of 10 percent on the preceding quarter. Compared with Q3, the total export value that decreased by 10 percent q/q to N4.77 trillion, and the import value rose by 36 percent q/q to N5.35 trillion. The net result was a deficit of N580 billion, which followed a surplus of N1.39 billion the previous quarter.