Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report

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 per cent 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 per cent 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 per cent and 35 per cent 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 per cent and 23.86 per cent higher than the value recorded in the second quarter of 2017 and the third quarter of 2016.

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The report indicated that the value of imported agricultural goods stood at N232.2 billion, making it 0.05 per cent higher than the N232.1 recorded in Q2, 2017 and 16.91 per cent higher than the value recorded in Q3 2016.

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

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

Solid Minerals exports value in Q3 2017, increased by 85.3 per cent to 20.82 billion compared to the 3.01 billion recorded in the second quarter and was 78.72 per cent higher than the value recorded in Q3 2016.

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

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