Nigeria’s trade balance exceeds N1 trillion for first time since 2014 – Report

Minister of Trade and Investment, Okechukwu Enelamah

The value of Nigeria’s trade balance, for the first time since 2014, reached N1.23 trillion in the third quarter of 2017 due to a continued increase in exports and a decline in imports.

This was disclosed in a Nigerian Bureau of Statistics, NBS, report published, Monday, on the bureau’s website.

According to the report, the figure exceeded the N506.5 billion recorded in the previous quarter.

The report also showed that the value of Nigeria’s total imports in goods decreased by 10.51 per cent in the third quarter of 2017 from the N2.6 trillion recorded in the second quarter of 2017 to N2.3 trillion.

Nigeria’s total imports in goods were 4.68 per cent lower than the N2.4 trillion recorded in the third quarter of 2016.

The total export value stood at N3.6 trillion in third quarter, thereby resulting in a 13.19 per cent and 35 per cent increase over the N3.1 trillion recorded in quarter two and N2.3 trillion recorded in the third quarter of 2016 respectively.

The total trade for quarter three stood at N5.93 trillion, making it 3.94 per cent and 23.86 per cent higher than the value recorded in the second quarter of 2017 and the third quarter of 2016.

The report indicated that the value of imported agricultural goods stood at N232.2 billion, making it 0.05 per cent higher than the N232.1 recorded in Q2, 2017 and 16.91 per cent higher than the value recorded in Q3 2016.

The value of exported agricultural goods stood at N21.47 billion, making it 38.43 per cent lower than the N29.71 billion recorded in Q2 2017 but 25.29 per cent higher than the value recorded for third quarter, Q3, 2016.

The value of solid minerals imports in Q3 2017 decreased by 1,220.48 per cent to N14.51 billion when compared to the 191.57 billion recorded in quarter two; but was 8.69 per cent higher than the value recorded in Q3 2016.

Solid Minerals exports value in Q3 2017, increased by 85.3 per cent to 20.82 billion compared to the 3.01 billion recorded in the second quarter and was 78.72 per cent higher than the value recorded in Q3 2016

Manufactured goods exports, valued at N50.13 billion, was 62.68 per cent lower than the N1.24 trillion recorded in Q2, 2017, but 22.98 per cent higher than the value recorded in Q3 2016. Manufactured goods imports in the third quarter of 2017, valued at N1.2 trillion was 4.08 per cent higher than the N1.1 trillion recorded in Quarter two and 2.79 per cent lower than the value documented for the third quarter of 2016.

Other oil products exports valued at N474.9billion in quarter three was 13.53 per cent lower than the N539 billion recorded in the second quarter of 2017 and 37.22 per cent higher than the value recorded in the third quarter of 2016.

Crude Oil exports in Q3 2017 stood at N2.9 trillion, making it 18.40 per cent and 34.13 per cent higher than the N2.43 trillion recorded in Q2 2017 and the value recorded in Q3 2016 respectively.

“Exports in the third quarter were still oil dependent. Crude oil exports were recorded N2,971.94 billion in the third quarter and it remained the majority of total exports constituting 83.17 per cent,” the agency stated.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:"Warning to Men, These 3 Foods is Slowly Killing Your Erection". Click Here to Know Them


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • D-A-N-G-O-T-E-C-E-M-E-N-T

    THIS IS TO INFORM THE GENERAL REPUBLIC THAT
    DANGOTE3XCEMENT IS NOW SOLD DIRECT FROM THE FACTORY FOR 1400 PER BAG
    AND 300 TO DELIVER PER BAG,INDIVIDUALS CAN ORDER A MINIMUM OF 100BAGS
    A TRAILER LOAD OF 600BAGS,TRAILER LOAD OF 900BAGS AND ABOVE.
    CONTACT THE MARKETING MANAGER MR OJEKERE-OARE ON (080-3834-8596)
    OR
    ASSISTANT MARKETING MANAGER MRS GRACE-JATTO ON (080-6331-2745) FOR DELIVERY.

  • Jb

    Wailers continue to make noise, facts and figures like this will be steering your faces daily. Positive Trade balance highest since 2014, external reserve highest since 2014 . All these happens when oil price has dropped to an average of 50 dollars. The looters in government couldn’t achieve these when oil was 140 dollars and they are shouting of coming back.More facts will be coming your way.