Video - Nigeria's trade deficit narrows 44% in the second quarter

Nigeria's export trade has increased by over 60% to $5.9 billion in the second quarter of the year. Latest data from the national bureau of statistics shows the the trade deficit narrowed 44% as the value of exports surged after a devaluation of the naira. However, the rise was not enough to help the economy avoid a recession. Low oil prices have hammered vital public finances and the naira -- prompting foreign investors to flee bond and equities markets, causing chronic dollar shortages. Meanwhile, exports were dominated by crude oil, which contributed 79.7 percent of total exports. Imports rose 38.1 percent in the second quarter, with machinery and appliances, vehicles and aircraft parts and petroleum products making up the bulk of the numbers.