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Trade and Regional Integration in Nigeria: FY2019/20
Nigerian exports have grown consistently during the period from 2015 to 2018. This has led to a short-term improvement e in gross official reserves. The growth in exports has been insufficient to support improvement in Nigeria’s current account balance, which has deteriorated further due to the widening services trade deficit and deteriorating net income from abroad. Nigeria is still heavily dependent on crude oil and natural gas exports which are also amongst its top export to the Economic Community of West African States (ECOWAS). In addition, Nigeria is poorly integrated in ECOWAS and its trade is unbalanced due to the significant trade surplus enjoyed by the country in the region. This suggests that there is significant room to increase Nigeria’s imports from ECOWAS and diversify its exports to the region.