Economy

Nigeria’s total import rises 8.5% to N9.56trn

by DAVID IBEMERE

March 6, 2018 | 11:51 am
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National Bureau of Statistics (NBS) says Nigeria’s total imports for 2017 stood at N9.56 trillion, 8.5 percent higher than the 2016 trade import that valued at N8.81 trillion.
According to the report, imported agricultural goods (N227.4bn) decreased by 1.7 percent in the fourth quarter of 2017.
It stated that the valued decreased in the quarter compared to third quarter (N231.4bn) but increased by 15.9 percent when compared with fourth quarter of 2016 (N196.2bn).
“For 2017, imported agricultural goods increased by 35.09 percent to N886.7 billion from N656.4 billion in 2016.
“The raw materials imports in fourth quarter 2017 (N279.4bn) were 2.1 percent lower than third quarter, 2017 value (N285.3bn), and 2.7 percent lower than fourth quarter of 2016 (N287.2bn),” according to the report.
Meanwhile, it stated that for 2017, the imported raw materials increased by 19.3 percent to N1,128.3 trillion from 945.7 billion in 2016.
The report noted that solid minerals imports grew by 5.19 percent in fourth quarter, 2017 (N15.2bn) over the third quarter, 2017 valued at N14.5 billion.
It stated that the value recorded in the third quarter, 2017 was 9.2 per cent over the value recorded in the fourth quarter of 2016, which was N13.9 billion.
For 2017, it stated that imported solid minerals increased by 372.2 per cent to N235.1 billion from N49.7 billion in 2016.
According to the report, energy goods imports grew significantly by 950 percent in fourth quarter, 2017 valued at N138 million.
For 2017, it stated that imported energy goods increased to N187.17 million from N8.07 million in 2016.
It, however, noted that manufactured goods imports declined in the fourth quarter by 0.28 percent (N1,209.9trn) in comparison to the third quarter, 2017 (N1,213.3trn).
It stated that figures in the third quarter grew by 10 per cent in comparison to fourth quarter, 2016 (N1,099.5trn).
For 2017, it stated that imported manufactured products decreased by 0.06 per cent to N4,642.4 trillion from N4,645.1 trillion in 2016.
In addition, the report stated that other oil products imports were 48.86 percent lower in value in fourth quarter than third quarter, 2017, and 46.5 percent lower than the value recorded in fourth quarter of 2016.
For full year 2017, according to the report, other oil product imports increased by 5.93 percent over 2016.
 
 
 
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by DAVID IBEMERE

March 6, 2018 | 11:51 am
12893  |   93   |   0  |   Start Conversation

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