Q1 Import: Nigeria’s Performance Stood At N2.5bn

Yemi Kale

 

By Izuchukwu  Ozoemena

 

 

In comparison with N2, 112.31 billion recorded in the last quarter of 2017, the total value of imports in the first quarter of 2018 stood at N2, 518.26 billion, the National Bureau of Statistics (NBS) disclosed in its “Foreign Trade in Goods Statistics’’ released on Thursday.

The report noted that the value was 19.22 per cent higher than the fourth quarter of 2017 and 8.04 per cent higher than N2, 330.91 billion recorded in the first quarter of 2017.

It said the value of imported agricultural goods in the first quarter declined by 18.90 per cent to N184.49 billion from N227.49 billion recorded in the fourth quarter of 2017.

Raw materials imports in the first quarter stood at N284.81 billion, showing a growth of 1.93 per cent compared to N279.41 billion recorded in quarter four of 2017.

The NBS said solid minerals imports in the first quarter was N12.62 billion, indicating a 17.27 per cent decrease on a quarter-to-quarter basis of N15.26 billion and 3.67 per cent increase on a year-to-year basis to N12.17 billion.

According to the report, energy goods imports in the first quarter stood at N32.4 million, showing 76.51 per cent decline compared to N138.1million recorded in the fourth quarter of 2017.

It said the value of manufactured goods imported in the first quarter was N1, 189.97 billion, showing a decline of 1.65 per cent over the previous quarter which was N1, 209.96 billion.

The report noted that the value of other oil products imported in the first quarter was N846.31 billion. It said the value was 122.70 per cent higher than N380.03billion recorded in the fourth quarter of 2017 and 5.51per cent higher than the N802.11 billion recorded in the first quarter of 2017.

According to the report, the total export value amounted to N4, 693.34 billion in the first quarter.

It said the value represented a significant growth of 20.02 per cent over N3, 910.62 billion in the fourth quarter of 2017 and 56.01 per cent over N3, 008.33 billion recorded in the first quarter of 2017.

It said the export value for agricultural goods in the first quarter was N73.24 billion, which was 63.84 per cent higher than the value of N44.70 billion recorded in the fourth quarter of 2017.

The report noted that this was 24.01 per cent higher than the value of N59.06

billion recorded in the first quarter of 2017.

It said: “raw material exports value decreased by 13.62 per cent to N32.70 billion in the first quarter compared to N37.85 billion in the fourth quarter of 2017.

Solid Minerals exports value in Q1 2018 is N26.92 billion, recording a 12.96 per cent quarter on quarter growth of N23.83 billion.

 “The value of energy goods exported in Q1, 2018 is N10.39 billion, which is 8.8per cent higher than that of Q4 of 2017 (N9.55 billion).

“Manufactured goods exports in Q1 2018 is N434.37 billion, and this saw significant growth by 684.11 per cent compared to N55.39 billion in the previous quarter.’’

The report noted that the value of crude oil exports recorded in the first quarter was N3, 580.01 billion, and was 10 per cent higher than N3, 251.61billion recorded in the previous quarter.

It said that other oil products exports also grew in the first quarter to N535.8 billion.

This, it noted, was with a 10.53 per cent growth of N484.65 billion in Q4, 2017 and a 15.92per cent growth from the value recorded in Q1, 2017 of N462.10 billion.