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Market Digest Nigeria

Economy

Nigeria’s total imports Rose By 10.1%

imports

Nigeria’s total value of imports rose by 10.1 per cent in fourth quarter of 2020 compared to Q3, 2020 and 10.77 per cent compared to Q4,2019, according to official figures that were released yesterday.

imports

On annual basis, the value of total import of foreign products into Nigeria was 17.3 per cent in 2020, higher than the value recorded in 2019, the National Bureau of Statistics (NBS) said in the foreign trade in goods statistics that were released yesterday.

The NBS report showed that Nigeria’s total trade was 8.9 per cent higher in Q4, 2020 compared to Q3, 2020 but 9.9 per cent lower than the value recorded in Q4, 2019. On an annual basis, total trade was 10.3 per cent lower in 2020 than the value recorded in 2019.

On the flip side, Nigeria’s total exports in Q4, 2020 also increased by 6.7 per cent against the level recorded in Q3, 2020 but decreased by 33. 3 per cent compared to Q4, 2019. On an annual basis, total exports was 34.8 per cent lower in 2020 than recorded in 2019.

The value of imported agricultural products was 5.75 per cent higher in Q4, 2020 than in Q3,2020 and 128.17 per cent higher compared with the corresponding quarter of 2019. For 2020, the value of agricultural imports was 78.6 per cent higher than recorded in 2019.

The value of raw material imports grew marginally by 0.75 per cent in Q4, 2020 compared to Q3, 2020 but was 113.12 per cent higher compared to Q4, 2019. For 2020, the value of raw material imports was 72.5 per cent higher than the value recorded in 2019.

The value of imported manufactured goods grew by 11.43 per cent in Q4, 2020 against the value recorded in Q3, 2020 but decreased by 2.21 per cent against its value in Q4, 2019. For 2020, the value of manufactured imports was 6.5 per cent higher than the value recorded in 2019.

The NBS figures put the value of other oil products imported in Q4, 2020 at 17.40 per cent higher than its value in Q3, 2020 but 3.23 per cent less than the corresponding quarter of 2019. For 2020, the value of other oil products imports was 15.1 per cent higher than the value recorded in 2019.

The value of raw material goods exports in Q4, 2020 was 317.6 per cent higher than the value in Q3,2020 and 122 per cent higher than the value recorded in Q4 2019. In 2020, the value of raw material goods exports was only 0.7 per cent higher than the value recorded in 2019.

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