Nigeria Records N4.03tr Trade Balance In 2017, Says NBS
Nigeria’s balance of trade stood at N4.03 trillion ($13.2 billion) in 2017, the National Bureau of Statistics (NBS) has said.
In a report released yesterday, the NBS said Nigeria’s trade account turned positive as a rise in oil exports outweighed imports. The net trade balance stood at minus N290 billion for 2016.
The rise boosts Nigeria’s ambition to promote exports to support fragile economy and earn foreign exchange while reducing imports.
Nigeria’s 2017 gross domestic product rose 0.8 percent to emerge from its first recession in 25 years.
The NBS said oil and gas exports accounted for more than 93 per cent of exports in the fourth quarter, with cocoa bean exports, largely to the Netherlands, Malaysia and Indonesia, making up 0.37 per cent.
“Nigeria’s manufacturing capacity is limited, so it imports most of what it consumes. Fourth-quarter imports dipped 8.5 percent from the previous year to 2.11 trillion naira, the statistics bureau, said.
But exports more than compensated, as it rose by 31.3 per cent in the fourth quarter from a year earlier to N3.91 trillion. The trade balance for fourth quarter more than doubled to N1.8 trillion from a year earlier,” it said.
Total imports were value at N2.11 trillion in fourth quarter of 2017 while total imports for full year 2017 stood at N9.5 trillion which was 8.5 per cent lower than the 2016 trade import value of N8.8 trillion.
“Imported agricultural goods decreased by 1.7 per cent in fourth quarter of 2017 (N227.4 billion) compared to third quarter 2017 (N231.4 billion) but increased by 15.9 per cent when compared to fourth quarter, 2016 (N196.2 billion).
For full year, 2017, imported agricultural goods increased by 35.09 per cent to N886.7 billion from N656.4 billion in 2016,” it said.
“Raw materials imports in fourth quarter 2017 (N279.4 billion) were 2.1 per cent lower than third quarter, 2017 value (N285.3 billion), and 2.7 per cent lower than fourth quarter 2016 (N287.2 billion). For full year 2017, imported raw materials increased by 19.3 per cent to N1.12 trillion from N945.7 billion in 2016,” it said.
“Solid minerals imports grew by 5.19 per cent in fourth quarter 2017 (N15.2 billion) over the third quarter, 2017 value (N14.5 billion), and 9.2 per cent over fourth quarter 2016 (N13.9 billion). For full year 2017, imported solid minerals increased by 372.2 per cent to N235.1 billion from N49.7 billion in 2016”.
Also, energy goods imports grew significantly by 950 per cent in fourth quarter 2017 (N138.1 million), higher than third quarter, 2017 value (N13.15 million), and 57176 per cent over fourth quarter 2016 (N0.24 million). For full year 2017, imported energy goods increased to N187.17 million from N8.07 million in 2016.