Home Business Nigeria spent N743.1 bn on fuels imports in 3 months

Nigeria spent N743.1 bn on fuels imports in 3 months

by Business News Report

Nigeria spent a total of N743.1 billion in fuels and lubricants imports between January and March 2017 with the value of petrol standing at N507 billion. Figures released by the National Bureau of Statistics indicated that Nigeria “import trade classified by broad economic category, revealed that fuels and lubricants ranked first with N743.1 billion or 32.5 per cent. This was followed by Industrial Supplies with the value of N554.1 billion or 24.2 per cent, and Capital Goods and parts with N430.1 billion or 18.8 per cent. The value of motor spirit stood at N507.9 billion”.
According to NBS figures “Nigeria’s import trade by direction showed that the Country imported goods mostly from China, Belgium, Netherlands, the United States and India, which respectively accounted for N383.9 billion or 16.8 per cent, N340.2 billion or 14.9 per cent, N246.9 billion or 10.8 per cent, N184.5 billion or 8.1%, and N103.6 billion or 4.5 per cent of the total value of goods imported during the quarter.
“Further analysis of Nigeria’s imports by Continent revealed that the country imported goods largely from Europe which recorded a value of N1,222.5 billion or 53.5 per cent. The Country also imported goods valued at N687.1 billion or 30.0 per cent from Asia and N278.2 billion or 12.2 per cent from America, while Import trade from Africa stood at N71.6 billion or 3.1 per cent and imports from the region of ECOWAS amounted to N12.6 billion.

The value of the export trade, stood at N3,005.9 billion in first three months of 2017 representing an increase of N26.95 billion or 0.9 per cent, over the value recorded in the preceding quarter. The structure of export trade is still dominated by crude oil exports, which contributed N2.3767 trillion or 79.1 per cent to the value of total domestic export trade in 2017.

Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N2.8604 trillion or 95.2 per cent of the total export value. Other products exported by Nigeria include “Prepared foodstuffs; beverages spirits and vinegar; tobacco” at N46.5 billion or 1.5 per cent, and “Vehicles, aircraft and parts thereof; vessels etc.” at N25.1 billion or 0.8 per cent.

NBS data showed that Nigeria recorded a trade balance of N719.4 billion between January and March 2017. National Bureau of Statistics data showed that Nigeria’s total exports for the period under review stood at N3.0059 trillion, while total imports stood at N2.2865 trillion. The total value of the nation’s merchandise trade at the end of March, 2017 was N5.2924 trillion. This represented a slight increase of 0.1per cent relative to the value of N5.2866 trillion recorded in the preceding quarter.
According to the NBS “The marginal rise in exports, coupled with a slight decrease in imports brought the country’s trade balance to N719.4 billion during the period, up from N671.3 billion. This represents the second consecutive positive trade balance after four quarter of negative trade balance.
“The value of exports increased by 0.9 per cent compared to the previous quarter while imports in fell by 0.9 per cent relative to the value recorded in the preceding quarter. On a sectoral/product basis, crude oil accounted for the largest share of total trade with 44.91 per cent, followed by Other oil products (23.37%), Manufactured products (21.93%, Raw materials (5.12%) and Agricultural products (4.35%).
“Nigeria’s import trade stood at N2.2865 trillion at the end of March, 2017, showing a decrease of 0.9 per cent from the value (N2,307.6 billion) recorded in the preceding quarter. The structure of Nigeria’s import trade by section was dominated by the imports of “Mineral products” which accounted for 33.6 per cent of the total value of import trade in first quarter of, 2017. Other commodities which contributed noticeably to the value of import trade during the review period were “Boilers, machinery and appliances; parts thereof” (19.8%), “Products of the chemical and allied industries” (9.1%), “Base metals and articles of base metals” (6.1%) and “Vehicles, aircraft and parts thereof; vessels etc.” (5.3%). With respect to exports by direction the country in Q1 2017 exported goods mainly to India, the United States, Spain, Netherlands, France, whose values stood at ? 668.6 billion or 22.2%, ? 416.5 billion or 13.9%, ? 324.9 billion or 10.8%, ? 250.2 billion or 8.3%, and ? 195.7 billion or 6.5% respectively. The natural liquefied gas recorded ? 372.4 billion of the total export value during the period under review.
The export figure above consisted of Domestic produced exports valued at N2973.8 billion or 98.9% and Re- exports worth N32.14 billion or 1.07%. During the quarter, other oil products grew at a higher value compared to Q4 2016 of N1236.8 billion or 23.37%. This was followed by manufactured goods with N1160.8billion or 21.93%, raw materials with N271.2 billion or 5.12% and Agricultural goods with N230.1billion or 4.35%
During the quarter, Agricultural export increased by 82 per cent over the level attained in the last quarter of 2016. The export earnings from Agricultural goods stood at N30.0billion. Agricultural products exports were driven by Sesamum seeds. During the quarter, sesamum seeds worth N3.7 billion was exported to Turkey. Also, Sesamum seeds worth N1.6 billion were exported to China while another N1.6 billion worth of sesamum seeds were exported to India. Sesamun seeds were followed by the exports of soya beans. Soya beans export to Russia accounted for N3.4 billion, while Greece accounted for N1.2billion. Other Agric product like frozen shrimp worth N2.2billions were exported to Netherlands. Cashew nuts valued at N1.8billion were exported mainly to Vietnam while Crude palm kernel oil worth N1.2 billion went mainly to Netherlands.
With respect to agricultural imports however, Nigeria imported Durum wheat worth N26.8 billion from United States, N14.4 billion from Russia and N11.9 billion from Australia. Nigeria also imported Maize worth N8.3 billion from United States, and maize worth N1.1 billion from Cyprus,

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