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

Okechukwu-Enyinna-Enelamah
Minister of Industry, Trade and Investment, Okechukwu Enelamah

By Patience Danjuma

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 percent 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 percent 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 percent and 35 percent 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 percent and 23.86 percent 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 percent higher than the N232.1
recorded in Q2, 2017 and 16.91 percent higher than the value recorded
in Q3 2016.

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

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

Solid Minerals exports value in Q3 2017, increased by 85.3 percent to
N20.82 billion compared to the N3.01 billion recorded in the second
quarter and was 78.72 percent higher than the value recorded in Q3 2016.

Manufactured goods exports, valued at N50.13 billion, was 62.68 percent 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 percent 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 percent lower than the N539 billion recorded in the second
quarter of 2017 and 37.22 percent 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 percent 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 percent,” the
agency stated.

..