Nigeria’s imports rose to N2.5 trillion by end June 2017 ―NBS

Nigeria’s import trade stood at N2.595 trillion at the end of second quarter of 2017, showing an increase of 13.5 percent from the value of N2.286 trillion recorded in the preceding quarter.

The Foreign Trade Statistics released by National Bureau of Statistics (NBS) on Wednesday revealed that the structure of import trade by section was dominated by mineral products which accounted for 34.7 percent of the total value of import trade in the second quarter of the year 2017.

Other commodities which contributed noticeably to the value of import trade during the review period were “Boilers, machinery and appliances; parts thereof” (15.8%), “Products of the chemical and allied industries” (9.1%), “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” (8.0%) and “Vegetable products.” (6.0%).

The import trade classified by broad economic category, revealed that “Industrial Supplies”, ranked first with N785.6 billion or 30.3%.

This was followed by “Fuels and lubricants” with the value of N694.6 billion or 26.8%, and “Food and Beverage” with N443.8 billion or 17.1%. The value of motor spirit imports stood at N556.1 billion.

Nigeria’s import trade by direction showed that the Country imported goods mostly from China, Belgium, Netherlands, the United States and Italy, which respectively accounted for N414.7billion or 16.0%, N319.2

billion or 12.3 %, N250.8 billion or 9.7%, N193.8 billion or 7.5%, and N161.5 billion or 6.2%.

These five countries accounted for 51.6% of total imports, while all other countries of the world accounted for N1,255.4 billion or 48.4% of the total value of goods imported during the quarter.

Further analysis of Nigeria’s imports by Continent revealed that the country consumed goods largely from Europe with import value of N1,432.0 billion or 55.2%.

The Country also imported goods valued at N733.3 billion or 28.3% from Asia and N312.4 billion or 12.0% from America.

Import trade from Africa stood at N79.0 billion or 3.0% while imports from the region of ECOWAS amounted to N12.1 billion.

The value of the export trade, stood at N3,102.0 billion in Q2, 2017 showing an increase of N96.1 billion or 3.2%, over the value recorded in the preceding quarter.

The structure of the export trade is still dominated by crude oil exports, which contributed N2.425 trillion or 78.2 percent to the value of total exports in 2017 while natural liquefied gas recorded an additional N412.49 billion or 13.29 percent of total export value during the period under review.

Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N2,967.5 billion or 95.7% of the total export value. Other products exported by Nigeria includes “Vehicles, aircraft and parts thereof; vessels etc.” at N36.0 billion or 1.2% “Prepared foodstuffs; beverages spirits and vinegar; tobacco” at N29.7billion or 1.0%.

Examining export by direction, showed that the country exported goods mainly to India, Spain, the United States, Netherlands, and France, whose values stood at N519.7 billion or 16.8 %, N374.4 billion or 12.1 %, N317.1 billion or 10.2 %, N241.3 billion or 7.8 %, and N224.9 billion or 7.2% respectively.

The five countries accounted for 54.1 percent of total exports in the quarter under review, while exports to all other countries of the world in the period under review amounted to N1,424.6 or 45.9 percent.