Nigeria Records Positive Trade Balance in Q1 2017

According to the National Bureau of Statistics (NBS), Nigeria’s total trade in the first quarter of 2017 stood at 5.30 trillion Naira with a trade balance of 719.38 billion Naira.

The nation’s exports in the period under review stood at 3.01 trillion Naira compared to imports of 2.29 trillion Naira.

The NBS stated that imports fell by 0.9 per cent, adding that the country recorded an increase of 6.5 per cent in external trade
According to the NBS, the value of the total trade at the end of 2016 was 17. 35 billion Naira, stressing that the figure was 6.5 per cent higher than the value recorded in 2015.
The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at 5.28 billion Naira.

“The export component stood at 2.98 billion Naira while the import component stood at 2.31 billion Naira leading to a trade surplus of 671 billion Naira.
“Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for 2.43 billion Naira or 45.9 per cent trade in fourth quarter.
“The second major contributor to total trade by sector was manufactured goods with 1.17 billion Naira or 22.1 per cent of total trade.’’