Nigeria’s merchandise trade records 19.74 % increase in 1Q



Finance Minister, Kemi Adeosun

Nigeria’s merchandise trade has increased by 19.74 per cent in the first quarter of the year when compared with the figure for the fourth quarter of 2017.

The latest figure released by the National Bureau of Statistics (NBS) showed that Nigeria’s total value of trade in the first quarter of this year was N7.21trillion as against N6.02 trillion in the fourth quarter of last year.
The report showed that Nigeria’s total trade as at the first quarter also recorded 35.07 percent rise when compared with the figure for the same period last year, which was N5.33 trillion.
With the latest figure, Nigeria’s trade balance in the Q1 was a surplus of N2.175 trillion, showing 20.95 per cent or N1.798 trillion increase from the figure in the fourth quarter of 2017 and 221.08 increase from the figure in the first quarter of 2017 which was N677.42 billion.
The report said the growth in the first quarter was as a result of increase in export.
According to the report, the total value of imports in the Q1 was N2.518 trillion, 19.22 per cent higher than the figure for Q4 in 2017 which was N2.112 trillion and 8.04 per cent higher than the figure for Q1, 2017 – (N2.330 trillion).
Imported agricultural goods in the first quarter of 2018 was N184.49 billion, showing a decline of 18.90 per cent from the Q4, 2017 which was N227.49 billion and by 5.87 per cent from Q1, 2017 – N196 billion.
However, raw materials imports in Q1, 2018 (N284.81 billion) rose by 1.93 per cent compared to Q4, 2017 which was N279.41 billion and by 9.89 per cent compared to Q1, 2017 – N259.17 billion.