Nigeria records N32.2trn trade in 2018

Mar 06, 2019
The National Bureau of Statistics, NBS, has said that the Nigerian economy recorded a total of N32.26 trillion trade in 2018.
 
This is contained in the fourth quarter foreign trade statistics report the NBS released on Sunday.
 
According to the report, the N32.26tn trade was about 39.31 per cent more than the total trade figure recorded in 2017, with export accounting for N19.09 trillion, which is 40.46 per cent higher than what was recorded in 2017.
 
The report also put the value of import during the period at N13.13 trillion, a 37.67 per cent increase over important figures for 2017.
 
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 further added that the value of imported manufactured goods decreased by 23.5 per cent against the value recorded in the third quarter of 2018, while the value of agricultural exports rose by 115.1 per cent in the fourth quarter of 2018. The value of raw material goods exports was also 26.7 per cent higher than the value in the third quarter.
 
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