Vanguard News Nigeria’s terms of trade dip 2.13% in Q3 2020 On By Yinka Kolawole & Emmanuel Elebeke ECONOMY The National Bureau of Statistics (NBS) has reported that Nigeria’s terms of trade (ToT) decreased by 2.13 percent in the third quarter of 2020 (Q3 2020). NBS noted in its quarterly report on Commodity Price Indices and Terms of Trade (Q3 2020) that the slip in the ToT is due to rise in commodity import index and decrease in export price index. The terms of trade (ToT) represent the ratio between a country’s export prices and its import prices. The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.