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  "documentTitle": "Nigeria Economic Outlook",
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  "notes": "The chart highlights a specific pandemic-induced contraction in 2020.",
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      "text": "The pandemic induced lockdown led to the contraction in global trade. Nigeria recorded a deficit trade balance of N178billion in the same period attributed to the contraction in global trade",
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      "text": "The pandemic induced lockdown led to the contraction in global trade. Nigeria recorded a deficit trade balance of N178billion in the same period attributed to the contraction in global trade.",
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      "text": "After two quarters of decline, global trade improved in Q1 2023 by about 2% compared to Q1 2022. This was due to China's economic resurgence after lifting lockdown measures. However, UNCTAD predicts weak growth in Q2 2023 due to persistent inflation, financial vulnerabilities, the Ukraine conflict, and geopolitical tensions, all negatively impacting global trade. Overall, the outlook for global trade in the latter half of 2023 is pessimistic due to these prevailing negative factors.\nIn line with the above trade projections, China's July exports dropped by double digits. According to the Country's customs data, exports fell to $281.8 billion. Demand for Chinese exports cooled after the Federal Reserve and Central Banks in Europe and Asia started raising interest rates last year to cool inflation that was at multi-decade highs",
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      "text": "Nigeria trade balance: N178billion",
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      "text": "Nigeria’s Trade Balance vs Global Trade Growth",
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      "text": "Decline in global trade growth may adversely affect Nigeria’s trade balance and FX inflows",
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