 |
| Finance Minister, Kemi Adeosun |
Nigeria’s
merchandise trade has increased by 19.74 per cent in the first quarter of the
year when compared with the figure for the fourth quarter of 2017.
merchandise trade has increased by 19.74 per cent in the first quarter of the
year when compared with the figure for the fourth quarter of 2017.
The
latest figure released by the National Bureau of Statistics (NBS) showed that
Nigeria’s total value of trade in the first quarter of this year was
N7.21trillion as against N6.02 trillion in the fourth quarter of last year.
latest figure released by the National Bureau of Statistics (NBS) showed that
Nigeria’s total value of trade in the first quarter of this year was
N7.21trillion as against N6.02 trillion in the fourth quarter of last year.
The
report showed that Nigeria’s total trade as at the first quarter also recorded
35.07 percent rise when compared with the figure for the same period last year,
which was N5.33 trillion.
report showed that Nigeria’s total trade as at the first quarter also recorded
35.07 percent rise when compared with the figure for the same period last year,
which was N5.33 trillion.
With
the latest figure, Nigeria’s trade balance in the Q1 was a surplus of N2.175
trillion, showing 20.95 per cent or N1.798 trillion increase from the figure in
the fourth quarter of 2017 and 221.08 increase from the figure in the first
quarter of 2017 which was N677.42 billion.
the latest figure, Nigeria’s trade balance in the Q1 was a surplus of N2.175
trillion, showing 20.95 per cent or N1.798 trillion increase from the figure in
the fourth quarter of 2017 and 221.08 increase from the figure in the first
quarter of 2017 which was N677.42 billion.
The
report said the growth in the first quarter was as a result of increase in
export.
According to the report, the total value of imports in the Q1 was N2.518
trillion, 19.22 per cent higher than the figure for Q4 in 2017 which was N2.112
trillion and 8.04 per cent higher than the figure for Q1, 2017 – (N2.330
trillion).
report said the growth in the first quarter was as a result of increase in
export.
According to the report, the total value of imports in the Q1 was N2.518
trillion, 19.22 per cent higher than the figure for Q4 in 2017 which was N2.112
trillion and 8.04 per cent higher than the figure for Q1, 2017 – (N2.330
trillion).
Imported
agricultural goods in the first quarter of 2018 was N184.49 billion, showing a
decline of 18.90 per cent from the Q4, 2017 which was N227.49 billion and by
5.87 per cent from Q1, 2017 – N196 billion.
agricultural goods in the first quarter of 2018 was N184.49 billion, showing a
decline of 18.90 per cent from the Q4, 2017 which was N227.49 billion and by
5.87 per cent from Q1, 2017 – N196 billion.
However,
raw materials imports in Q1, 2018 (N284.81 billion) rose by 1.93 per cent
compared to Q4, 2017 which was N279.41 billion and by 9.89 per cent compared to
Q1, 2017 – N259.17 billion.
raw materials imports in Q1, 2018 (N284.81 billion) rose by 1.93 per cent
compared to Q4, 2017 which was N279.41 billion and by 9.89 per cent compared to
Q1, 2017 – N259.17 billion.
