Economy
Nigeria’s Imports Fall to N2.4tr, Exports Rise to N3.6tr in Q3 2017—NBS
By Modupe Gbadeyanka
The total value of goods imported into Nigeria in the third quarter of 2017 stood at N2.35 trillion, representing 10.51 percent declined when compared with the figures in the second quarter of 2017 and 4.68 percent lower than Q3 2016, data released on Monday by the National Bureau of Statistics (NBS) has revealed.
However, the value of exports stood at N3.57 trillion in Q3 2017, representing an increase of 13.19 percent over Q2 2017 and 35 percent over Q3 2016.
According to the stats office, the value of imported agricultural goods was 0.05 percent higher than the value recorded in Q2 2017 and 16.91 percent higher than Q3 2016.
Also, the value of raw material imports was 4.77 percent lower than Q2 2017 and 2.80 percent lower than the value in Q3 2016, while solid minerals imports in Q3 2017 decreased by 1,220.48 percent compared to Q2 2017 but was 8.69 percent higher than Q3 2016.
Similarly, energy goods imports in Q3 2017 were 92.17 percent lower than Q2 2017 and compared to Q3 2016 when no energy goods imports were recorded, while manufactured goods imports value was 4.08 percent higher in Q3 2017 than the level in Q2 2017 and 2.79 percent lower than Q3 2016, and other oil products imports value was 17.54 percent lower than in Q2 2017 and 28.81 percent higher than Q3 2016.
For the exports, agricultural goods export value in Q3 2017 was 38.43 percent lower than Q2 2017 but 25.29 percent higher than Q3 2016, while raw material exports value increased by 16.88 percent in Q3 2017 against the level in Q2 2017 but 70.42 percent higher than Q3 2016.
Furthermore, solid minerals exports value in Q3 2017 increased by 85.3 percent compared to Q2 2017 and was 78.72 percent higher than Q3 2016.
In addition, energy goods exports value in Q3 2017 was 80.58 percent higher than Q2 2017 but 99.13 percent higher than the value in Q3 2016, while manufactured goods exports were 62.68 percent lower than the value in Q2 2017 but 22.98 percent higher than Q3 2016.
Also, crude oil exports in Q3 2017 was 18.40 percent more than the value recorded in Q2 2017 but 34.13 percent higher than Q3 2016, while other oil products exports in Q3 2017 was 13.53 percent less in value than in Q2 2017 but 37.22 percent higher than Q3 2016.
Business Post observed that exports in the third quarter were still oil dependent with crude oil exports recording N2.97 trillion in the third quarter and it remained the majority of total exports (83.17 percent).
Crude oil exports grew faster than non-crude oil exports as crude oil exports accounted for 78.18 percent in the second quarter of 2017. Non-oil products only contributed to 3.54 percent of total exports in the quarter.
Trade balance of Nigeria in 2017 Q3 amounted to N1.23 trillion, due to a continued value increase in exports and a decline in imports.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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