Nigeria’s total trade recorded for the fourth quarter of 2017 was N6.02293 trillion which represented a decline of 0.7 per cent over the third quarter of 2017, and an increase of 13.9 per cent over the same period of fourth quarter of 2016 the National Bureau has said. In its report for the full trading year of 2017 it said that total trade was N23.1609 trillion which is 33.5 per cent higher when compared to the value in 2016 of N17.3449 trillion. Trade balance it said stood at a surplus of N1.79831 trillion in the fourth quarter of 2017 compared to the surplus of N1.08833 trillion recorded in the preceding quarter and the surplus of N671.30 billion in the corresponding quarter of 2016. For full year 2017, trade balance stood at N4.0355 trillion compared to a negative trade balance of -N290.1 billion in 2016.
According to NBS “Total value of export at N3.9106 trillion in the last three months of 2017 grew by 9.35 per cent over the previous three months, and by 31.27 per cent over the last three months of 2016. It further said that “for full year 2017, total exports of N13.5982 trillion was 59.47 per cent higher than that of 2016 with a value of N8.5274 trillion. Agricultural goods exports grew in value by 54.9 per cent in the fourth quarter of 2017 (N44.7 billion) in comparison to third quarter’s N28.8 billion, and by 170.9 per cent in comparison to the last three months of 2016 which stood at N16.5 billion.
NBS said that “for full year 2017, agriculture exports grew 180.7 per cent, N170.4 billion above the value in 2016, N60.7 billion”. According to NBS “raw material exports in the last three months of 2017, N37.8 billion were 43.2 per cent more in value than that of the previous three months. For full year 2017, raw material exports grew 154.2 per cent (N112.9 billion) above the value in 2016 (N44.4 billion). Solid minerals exports in fourth quarter of 2017 grew by 55.0 per cent in value when compared to that of the third quarter of 2017, and by 473.5 per cent in value when compared to same period of 2016.
“For full year 2017, solid minerals exports grew 565 per cent, N77.2 billion above the value in 2016 N11.6 billion. Manufactured goods exports in period, 2017 N55.3 billion were 28.1 more than the value attained in Q3, 2017 (N43.2 billion) but declined by 18.03 per cent in comparison to fourth quarter 2016, N67.5 billion. For full year 2017, exports of manufactured goods grew 26.8% (N232.05 billion) above the value in 2016 (N182.9 billion). Crude Oil exports in Q4 2017 were 9.51% more than the value recorded in Q3 2017 and 34.2% higher than Q4, 2016 For full year 2017, crude oil exports grew 57.6% above the value in 2016. Other oil products exports increased by 0.45% over Q3 2017, and by 9.3% over the same period last year(Q42016). The balance of trade last year was N4.03 trillion. The net trade balance stood at minus N290 billion for 2016. The rise boosts Nigeria’s ambition to promote exports to support its economy and earn foreign exchange while reducing imports. Its 2017 gross domestic product rose 0.8 per cent to emerge from Nigeria’s first recession in 25 years. The NBS said oil and gas exports accounted for more than 93 percent of exports in the fourth quarter, with cocoa bean exports, largely to the Netherlands, Malaysia and Indonesia, making up 0.37 percent.