The total revenue of Nigeria’s trade has risen to N7.21tn in the first quarter (Q1) of 2018 generating a 35.07 per cent growth from Q1, 2017 (N5.33tn) and a 19.74 per cent increase over the N6.02tn recorded in Q4, 2017 according to the National Bureau of Statistics (NBS) report.
The NBS report also revealed that Nigeria recorded an additional N2.17tn in the first quarter of this year due to the strong increase in export resulting in the total value of imports in the review period to be N2.518tn, 19.22 per cent higher than Q4, 2017 (N2.112tn) and 8.04 per cent higher than Q1, 2017 (N2.330tn). The quarter under review is the first in two years that the trade balance exceeded N2tn.
The trade balance in Q1, 2018 which was a surplus of N2.175tn is a 20.95 per cent increase from the figure in Q4, 2017 (N1.798tn) and a 221.08 increase from the figure in Q1, 2017 (N677.42bn).
The value of imported agricultural goods in the first quarter of 2018 (N184.49bn) declined by 18.90 per cent from Q4, 2017 (N227.49bn) and by 5.87 per cent from Q1, 2017 (N196bn).
But the value of raw materials imports in Q1, 2018 (N284.81bn) grew by 1.93 per cent compared to Q4, 2017 (N279.41bn) and by 9.89 per cent compared to Q1, 2017 (N259.17bn).
The value of Solid minerals imports in Q1, 2018 (N12.62bn) decreased by 17.27 per cent on a quarter-to-quarter basis (N15.26bn), however increased by 3.67 per cent on a year-to-year basis (N12.17bn).
Energy goods imports in Q1, 2018 (N32.4m) recorded 76.51 per cent decline in Q4 2017 (N138.1m), and 205.28 per cent higher than Q1, 2017 (N10.6m).
Manufactured goods imported in Q1 2018 (N1.189tn) declined by 1.65 per cent over the previous quarter (N1.209tn) but increased by 12.11 per cent over the same quarter in 2017 (N1.061tn).
The value of other oil products imported in Q1,2018 (N846.31bn) was 122.70 per cent higher than the value in Q4, 2017 (N380.03bn) and 5.51 per cent higher than Q1, 2017 (N802.11bn).
Total export value amounted to 4.693.34tn in Q1, 2018, representing a significant growth of 20.02 per cent over Q4, 2017 (N3.9 trillion) and 56.01 per cent over Q1, 2017 (N3.008 trillion).
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