Nigeria’s trade import drops 8.5% in 2017

trade deficit

By Patience Danjuma 

The National Bureau of Statistics (NBS) has reported a drop of 8.5% in Nigeria’s total imports for 2017.

In a report posted on its website entitled: ‘‘Foreign Trade in Goods Statistics for Fourth Quarter and Full Year 2017,’’ the bureau put the value of imports in 2017 at N9.56 billion.

This represents a drop of 8.5 percent when compared with the 2016 trade import valued at N8. 81 billion.

According to the bureau, imported agricultural goods (N227.4 billion) decreased by 1.7 percent in the fourth quarter of 2017.

The report stated that the valued decreased in the fourth quarter compared to the third quarter (N231.4 billion) but increased by 15.9 percent when compared to fourth quarter of 2016 (N196.2 billion).

“For 2017, imported agricultural goods increased by 35.09 percent to N886.7 billion from N656.4 billion in 2016.

“The raw materials imports in fourth quarter 2017 (N279.4 billion) were 2.1 percent lower than third quarter, 2017 value (N285.3 billion), and 2.7 percent lower than fourth quarter of 2016 (N287.2 billion).”

Meanwhile, the bureau stated that for 2017, the imported raw materials increased by 19.3 percent to N1,128.3 billion from N945.7 billion in 2016.

The report noted that solid minerals imports grew by 5.19 percent in fourth quarter, 2017 (N15.2 billion) over the third quarter, 2017 valued at N14.5 billion.

It stated that the value recorded in the third quarter, 2017 was 9.2 percent over the value recorded in the fourth quarter of 2016 which was N13.9 billion.

For 2017, it stated that imported solid minerals increased by 372.2 percent to N235.1 billion from N49.7 billion in 2016.

According to the report, energy goods imports grew significantly by 950 percent in fourth quarter, 2017 valued at N138 million.

For 2017, it stated that imported energy goods increased to N187.17 million from N8.07 million in 2016.

It, however, noted that manufactured goods imports declined in the fourth quarter by 0.28 percent (N1,209.9 billion) in comparison to the third quarter, 2017 (N1,213.3 billion).

It stated that figures in the third quarter grew by 10 percent in comparison to fourth quarter, 2016 (N1,099.5 billion).

For 2017, the report stated that imported manufactured products decreased by 0.06 percent to N4,642.4 billion from N4,645.1 billion in 2016. 

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