How Nigeria’s foreign trade increased by 33.5 per cent in 2017- NBS

Nigerians on the street going about their daily business. [Photo credit: Quartz]
Nigerians on the street going about their daily business. [Photo credit: Quartz]

Nigeria’s total foreign trade in goods for 2017 stood at N23.2 trillion, resulting in a 33.5 per cent increase from the N17.3 trillion recorded for 2016.

This was revealed in a National Bureau of Statistics (NBS) report released on Friday.

For imports, the total trade for 2017 stood at N9.6 trillion resulting in an 8.5 per cent increase compared to the 2016 trade import value of N8.8 trillion.

Also, for exports, the total trade for 2017 was valued at N13.6 trillion, which was 59.47 per cent higher than the N8.5 trillion recorded for 2016.

Agricultural goods contributed N886.7 billion to total import. This showed a 35.09 percent increase from the N656.4 billion recorded for 2016.

The contribution of Agricultural goods to total export also grew in value by 59.5 per cent. 2017 recorded N13.6 trillion and N8.52 trillion was recorded for 2016.

Imported raw materials contributed N1.1 trillion to the total import for 2017. It increased by 19.3 per cent when compared to the 945.7 billion recorded in 2016.

For export, raw materials grew 154.2 per cent above the value recorded for 2016. Raw material exports were valued at N112.9 billion in 2017 and N44.4 billion in 2016.

The value of imported manufactured products decreased by 0.06 per cent to N4.642 trillion in 2017 from N4. 645 trillion in 2016. For exports, the value increased by 26.8 per cent to N232.05 billion from the N182.9billion for 2016.

Imported solid minerals’ value also increased by 372.2 per cent to N235.1 billion from N49.7 billion in 2016. Solid minerals exports also grew by 565 per cent to N77.2 billion from the N11.6 billion recorded in 2016.

The value of imported energy goods increased to N187.17 million in 2017 from N8.07 million in 2016. Other oil product imports also increased by 5.93 per cent over 2016. Crude oil exports also grew 57.6 per cent above the value recorded in 2016.

For exports, other oil products grew 57.75 per cent above the value in 2016 and Crude Oil exports increased by 57.6 per cent above the value in 2016.

The report also said India, U.S., Netherlands, France and Spain were Nigeria’s major export trading partners in the fourth quarter of 2017.

Nigeria engaged in import trading activities with China, Belgium, Netherlands, United States, and India in the third quarter of 2017.

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