The Next Edition
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
No Result
View All Result
The Next Edition
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate
Home Top News

Nigeria records progress in trade

Agency Report by Agency Report
June 6, 2018
in Top News
Nigeria records progress in trade
0
SHARES
2
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

The increase in Nigeria’s export has caused total merchandise trade to hit N7.2 trillion in the first quarter of 2018, indicating an increase by 19.74 per cent over that of the fourth quarter of 2017.

The country also recorded an increase in agriculture export against import within the period under review.

You might also like

British Passenger Survives Plane Crash That Claimed 241 Lives, Speaks (Photo)

Federal Civil Service Goes Paperless December

Human Skull Recovered From Enugu Church Site Linked To Child Murder Case

The export value recorded a growth of 35.07 per cent compared to that of the first quarter of 2017 which was N5.3 trillion.

According to the National Bureau of Statistics (NBS) , the strong growth of total trade in the reviewing quarter, was mainly driven by the strong increase in export.

The trade balance in first quarter (Q1) of 2018 recorded a surplus of N2.1 trillion which is a 20.95 per cent increase from that of the fourth quarter (Q4) of 2017 which stood at N1.7 trillion and a 221.08 per cent increase from the figure in Q1, 2017 of N677.42 billion.

The quarter under review is the first quarter in two years that the trade balance exceeded N2 trillion.

The total export amounted to ₦ 4.7 trillion in Q1, 2018, representing a significant growth of 20.02% over Q4, 2017 of N3.9 trillion and 56.01% over Q1, 2017 which was N3 trillion.

The export value for Agricultural goods in Q1, 2018 was N73.24 billion, 63.84% higher than the value in Q4, 2017 of N44.70 billion and 24.01% higher than the value recorded in Q1, 2017 which stood at N59.06 billion.

Raw material exports value decreased by 13.62% in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71% compared to Q1, 2017 (N22.13 billion).

Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96% increase on quarter on quarter growth (N23.83 billion), and a 58.50% year on year growth rate compared to Q1, 2017 (N16.98 billion).

The value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8% higher than that of Q4, 2017 (N9.55 billion) and 16.5% higher than the value in Q1, 2017 (N8.92 billion).

Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11% over the previous quarter (N55.39 billion), and by 576.90% when compared to Q1, 2017 (N64.17 billion).

The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10% higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74% higher than the value in Q1, 2017 (N2,374.94 billion).

Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4, 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1, 2017 (N462.10 billion).

Total Imports value was N2.5 trillion in Q1, 2018, 19.22% higher than Q4, 2017 of N2.1 trillion and 8.04% higher than Q1, 2017 of N2.3 trillion.

“The value of imported agricultural goods in the first quarter of 2018 (N184.49 billion) declined by 18.90% from Q4, 2017 (N227.49 billion) and by 5.87% from Q1, 2017 (N196.0 billion).

Raw materials imports in Q1 2018 (N284.81 billion) grew by 1.93% compared to Q4, 2017 (N279.41 billion) and by 9.89% compared to Q1, 2017 (N259.17 billion).

Solid minerals imports in Q1, 2018 (N12.62 billion) decreased by 17.27% on a quarter-to-quarter basis (N15.26 billion), however increased by 3.67% on a year-to-year basis (N12.17 billion).

Energy goods imports in Q1, 2018 (N32.4 million) recorded 76.51% lower than Q4 2017 (N138.1 million), and 205.28% higher than Q1, 2017 (N10.6 million).

The value of manufactured goods imported in Q1 2018 was N1.2 trillion, declined by 1.65% over the previous quarter N1.2 trillion but increased by 12.11% over the same quarter in 2017 (N1.1 trillion.

The value of other oil products imported in Q1,2018 (N846.31 billion) was 122.70% higher than then value in Q4, 2017 (N380.03 billion) and 5.51% higher than Q1, 2017 (N802.11 billion).

The total export amounted to ₦ 4.7 trillion in Q1, 2018, representing a significant growth of 20.02% over Q4, 2017 of N3.9 trillion and 56.01% over Q1, 2017 which was N3 trillion.

The export value for Agricultural goods in Q1, 2018 was N73.24 billion, 63.84% higher than the value in Q4, 2017 of N44.70 billion and 24.01% higher than the value recorded in Q1, 2017 which stood at N59.06 billion.

Raw material exports value decreased by 13.62% in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71% compared to Q1, 2017 (N22.13 billion).

Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96% increase on quarter on quarter growth (N23.83 billion), and a 58.50% year on year growth rate compared to Q1, 2017 (N16.98 billion).

READ ALSO: NASS to Executive: Stop insecurity, harassment of legislators or face sanction

The value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8% higher than that of Q4, 2017 (N9.55 billion) and 16.5% higher than the value in Q1, 2017 (N8.92 billion).

Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11% over the previous quarter (N55.39 billion), and by 576.90% when compared to Q1, 2017 (N64.17 billion).

The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10% higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74% higher than the value in Q1, 2017 (N2,374.94 billion).

Other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53% growth from Q4, 2017 (N484.65 billion) and a 15.92% growth from the value recorded in Q1, 2017 (N462.10 billion).

At a Glance

Major Export Trading Partners and Corresponding Share in Q1 2018 Export Trade

Netherlands 20.5%

India 18.2%

Spain 8.3%

The United States 8.2%

France 6.3%

Major Import Trading Partners and Share to Q1 2018 Import Trade

China 21.1%

Netherlands 12.1%

Belgium 10.6%

The United States 6.5%

India 6.3%

Major Traded Agricultural Exports in Q1 2018

– Sesamum seeds, whether or not broken (N26.65 billion)

– Good Fermented Nigerian Cocoa Beans (N23.30 billion)

– Superior quality raw cocoa beans (N6.03 billion)

– Cashew nuts, in shell (N5.03 billion)

– Soya beans, whether or not broken (N3.46 billion)

– Other frozen shrimps and prawns

Tags: businessnewsNEXTT EDITIONNIgeriaNigeria newspaperprogressrecordstrade
Agency Report

Agency Report

Recommended For You

British Passenger Survives Plane Crash That Claimed 241 Lives, Speaks (Photo)

British Passenger Survives Plane Crash That Claimed 241 Lives, Speaks (Photo)

A British passenger has been confirmed as the sole survivor of a deadly Air India crash that left over 241 people dead. Ahmedabad Police Commissioner GS Malik told...

Federal Civil Service Goes Paperless December

Federal Civil Service Goes Paperless December

The Federal Government has announced that the civil service will become fully paperless by December 2025. Head of the Civil Service of the Federation, Didi Walson-Jack, made the...

How My Husband, Pastor Killed My 7-Year-Old Son For Money Ritual In Enugu- Wife

Human Skull Recovered From Enugu Church Site Linked To Child Murder Case

In a development in Enugu State, security operatives have discovered a human skull at a church construction site allegedly tied to a suspected ritualist, Prophet Chinedu Solomon Ezedike....

Alt="Mr. Olubunmi Tunji-Ojo, Minister of Interior "

Fed Govt Declares Thursday Public Holiday To Mark June 12

The Federal Government has declared Thursday, June 12, 2025, a public holiday to commemorate this year’s democracy day celebration. Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the declaration...

Next Post
Amebo, Liz Benson, others for recognition

Amebo, Liz Benson, others for recognition




Related News

Ambode Commends A’Ibom People Over Massive Reception For Buhari

How We Resisted EFCC’s Plan to Plant Foreign Currency in Ambode’s House – Lawyers

Operation Rainbow Arrests 16 Suspected Drug Dealers In Jos

Operation Rainbow Arrests 16 Suspected Drug Dealers In Jos

Nigerians greet Buhari at 75

Nigerians greet Buhari at 75




The Next Edition

Office Address

3B, Agboola Aina street, Off Toyin Street,
Ikeja, Lagos.

Quick Contact Details

Phone:
08033018430
Whatsapp:
08051679910

Email:
advert@nextedition.com.ng
vicki.ibanga@gmail.com

Categories

  • Aviation
  • Beauty
  • Breaking News
  • Business
  • Columnists
  • Editorial
  • Entertainment
  • Fashion
  • Featured
  • Football
  • Foreign
  • Headline News
  • Home & Garden
  • Interviews
  • Investigations
  • North Central
  • North East
  • North West
  • Opinion
  • Parenting
  • Politics
  • Relationships
  • South East
  • South West
  • South-South
  • Special Reports
  • Sports
  • Top News
  • Vox Pops

© Next Edition Business Development Limited

  • About Us
  • Advert Rate
  • Contact Us
  • Privacy Policy
  • Terms of Use
No Result
View All Result
  • Home
  • About Us
  • News
  • Featured
  • Investigations
  • Foreign
  • Special Reports
  • Entertainment
  • Interviews
  • Advert Rate

© Next Edition Business Development Limited