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Market Digest Nigeria

Economy

Nigerian economy recorded N32.2trn trade in 2018- NBS

Nigerian economy recorded N32.2trn
  • Nigerian economy recorded N32.2trn

The Nigerian economy recorded a total of N32.2tn trade in the 2018 fiscal period, figures obtained from the National Bureau of Statistics have revealed.

The amount is contained in the fourth quarter foreign trade statistics report, which was released on Sunday.

The bureau in the report said that the N32.26tn trade was about 39.31 per cent more than the total trade figure recorded in 2017.

Out of the N32.26tn, the report said that export was N19.09tn, adding that it was 40.46 per cent higher than what was recorded in 2017.

The report put the value of import during the period at N13.13tn. This was 37.67 per cent more than the 2017 import figure.

The report read in part, “The value of the total imports fell 14.99 per cent in Q4 2018 compared to Q3 2018, but rose 69.6 per cent over the corresponding quarter of 2017.

“Imported agricultural products were valued at N5bn, or 2.23 per cent less than in Q3 2018, and N8.7bn or 3.8 per cent lower than Q4 2017.

“The value of raw material imports grew 9.5 per cent more than the value recorded in Q3 2018,  and 10.8 per cent more than the value recorded in Q4 2017.

“The value of solid minerals imports was 5.26 per cent lower than the value of imports in Q3 2018, but 15.25 per cent higher than the value recorded in Q4 2017.”

The NBS report added that the value of imported manufactured goods decreased by 23.5 per cent against the value recorded in the third quarter of 2018.

On exports, the NBS report stated that the value of agricultural exports rose by 115.1 per cent in the fourth quarter of 2018 while that of raw material goods exports was 26.7 per cent higher than the value in the third quarter.

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