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THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 2, 2016, pp. 27-41

further by 19.0 percent in 2011. There were however insignificant growth in import
between 2012 and 2014 as the country‟s import grew by 3.0 percent, 8.2 percent and
2.9 percent in 2012, 2013 and 2014 respectively.

Table 1: Nigeria’s Trade with the Rest of the World, 2004-2014 (€ Million)

YEAR IMPORT % GROWTH EXPORT % GROWTH
2004 16510 26828
2005 19714 19.4 34978 30.4
2006 23278 18.1 45941 31.3
2007 28453 22.2 48862 6.4

2008 37021 30.1 59142 21
2009 31142 -15.9 37774 -36.1
2010 35902 15.3 58429 54.7

2011 42736 19 75972 30
2012 44015 3 81781 7.7
2013 47619 8.2 71868 -12.1
2014 49008 2.9 67720 -5.8

Source: The International Monetary Fund (IMF) as reported by the
Directorate-General for Trade, European Commission.

Table 2: Nigeria and the Rest of the World: Trade Balance and Total Trade,
2004-2014 (€ Million)

YEAR TRADE BALANCE. % GROWTH TOTAL TRADE % GROWTH
2004 10319 43338
2005 15264 47.9 54692 26.2
2006 22663 48.5 69219 26.6

2007 20410 -9.9 77315 11.7
2008 22121 8.4 96163 24.4
2009 6632 -70 68916 -28.3
2010 22528 239.7 94331 36.9
2011 33236 47.5 118709 25.8
2012 37766 13.6 125796 6
2013 24249 -35.8 119487 -5

2014 18712 -22.8 116728 -2.3
Source: The International Monetary Fund (IMF) as reported by the
Directorate-General for Trade, European Commission

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