Economy
Nigeria’s Total Imports in 2017 Drop 8.5% as Exports Rise 59.47%
By Dipo Olowookere
Data released by the National Bureau of Statistics (NBS) have shown that in 2017, Nigeria exported more goods than it imported in the year.
Nigeria is known to rely more on imported products especially from Europe, America and Asia, but since the present administration came into power in 2015, it had done more to change the narrative, making Nigeria export more than it imports.
Last week, chief executive of the state-owned oil firm, the Nigerian National Petroleum Corporation (NNPC), Mr Maikanti Baru, disclosed that Nigeria, one of the oil producing countries in the world, was the most importer of petrol in the globe. Crude oil produced in the country is taken out to be refined and bought to service the nation.
According to the data by the stats office, the total value of goods imported into Nigeria last year was N9.562 trillion, 8.5 percent lower than the 2016 trade import value of N8.817 trillion.
But in the fourth quarter of 2017, the total imports value was N2.1 trillion, was 15.1 percent less than Q3 2017 Figure which was N2.5 trillion and 8.5 percent lower than Q4, 2016, which was N2.3 trillion.
NBS said imported agricultural goods decreased by 1.7 percent in Q4 2017 (N227.4 billion) compared to Q3 2017 (N231.4 billion) but increased by 15.9 percent when compared to Q4, 2016 (N196.2 billion). For full year, 2017, imported agricultural goods increased by 35.09 percent to N886.7 billion from N656.4 billion in 2016.
Raw materials imports in Q4 2017 (N279.4 billion) were 2.1 percent lower than Q3, 2017 value (N285.3 billion), and 2.7 percent lower than Q4 2016 (N287.2 billion). For full year 2017, imported raw materials increased by 19.3 percent to N1.1 trillion from 945.7 billion in 2016.
Solid minerals imports grew by 5.19 percent in Q4 2017 (N15.2 billion) over the Q3, 2017 value (N14.5 billion), and 9.2 percent over Q4 2016 (N13.9 billion). For full year 2017, imported solid minerals increased by 372.2 percent to N235.1 billion from N49.7 billion in 2016.
Energy goods imports grew significantly by 950 percent in Q4 2017 (N138.1 million), higher than Q3, 2017 value (N13.15 million), and 57176 percent over Q4 2016 (N0.24 million). For full year 2017, imported energy goods increased to N187.17 million from N8.07 million in 2016.
Manufactured goods imports declined in Q4 2017 by 0.28 percent (N1.2 trillion) in comparison to Q3 2017 (N1.2 trillion), but grew by 10 percent in comparison to Q4 2016 (N1.1 trillion). For full year 2017, imported manufactured products decreased by 0.06 percent to N4.6 trillion from N4.7 trillion in 2016.
Other oil products imports were 48.86 percent lower in value in Q4 2017 than Q3 2017, and 46.5 percent lower than the value recorded in Q4 2016 and for full year 2017, other oil product imports increased by 5.93 percent over 2016.
However, the total value of export stood at N3.9 trillion in Q4 2017, growing by 9.35 percent over Q3 2017, and by 31.27 percent over Q4 2016. For full year 2017, total exports of N13.6 trillion were 59.47 percent higher than for 2016 with a value of N8.5 trillion.
Agricultural goods exports grew in value by 54.9 percent in Q4 2017 (N44.7 billion) in comparison to Q3 2017 (N28.8 billion), and by 170.9 percent in comparison to Q4 2016 (N16.5 billion). For full year 2017, agriculture exports grew 180.7 percent (N170.4 billion) above the value in 2016 (N60.7 billion).
Raw material exports in Q4 2017 (N37.8 billion) were 43.2 percent more in value than Q3, 2017 (N26.4 billion) and 71.7 percent more than Q4, 2016 (N22 billion). For full year 2017, raw material exports grew 154.2 percent (N112.9 billion) above the value in 2016 (N44.4 billion).
Solid minerals exports in Q4 2017 grew by 55 percent in value when compared to Q3 2017, and by 473.5 percent in value when compared to same period last year Q4 2016. For full year 2017, solid minerals exports grew 565 percent (N77.2 billion) above the value in 2016 (N11.6 billion).
Manufactured goods exports in Q4, 2017 (N55.3 billion) were 28.1 percent more than the value attained in Q3, 2017 (N43.2 billion) but declined by 18.03 percent in comparison to Q4 2016 (N67.5 billion). For full year 2017, exports of manufactured goods grew 26.8 percent (N232.05 billion) above the value in 2016 (N182.9 billion).
Crude Oil exports in Q4 2017 were 9.51 percent more than the value recorded in Q3 2017 and 34.2 percent higher than Q4, 2016. For full year 2017, crude oil exports grew 57.6 percent above the value in 2016.
Other oil products exports increased by 0.45 percent over Q3 2017 and by 9.3 percent over the same period last year (Q4 2016). For full year 2017, exports of other oil products grew 57.75 percent above the value in 2016.
The stats office said total trade recorded for Q4 2017 was N6 trillion which represented a decline of 0.7 percent over the Q3 2017, and an increase of 13.9 percent over the same period last year Q4 2016). For full year 2017, total trade was N23.2 trillion which is 33.5 percent higher when compared to the value in 2016 of N17.4 trillion.
Trade balance, accordingly, stood at a surplus of N1.8 trillion in Q4 2017 compared to the surplus of N1.1 trillion recorded in the preceding quarter and the surplus of N671.30 billion in the corresponding quarter last year. For full year 2017, trade balance stood at N4 trillion compared to a negative trade balance of -N290.1 billion in 2016.
By Adedapo Adesanya
Three stocks further weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.12 per cent on Wednesday, April 8, with the Unlisted Security Index (NSI) down by 44.43 points to 3,930.91 points from the previous day’s 3,975.34 points, and the market capitalisation went down by N26.59 to N2.351 trillion from N2.378 trillion.
MRS Oil lost N11.00 during the session to close at N161.00 per share compared with Tuesday’s closing price of N172.00 per share, Central Securities Clearing System (CSCS) Plc dipped by N3.74 to N67.95 per unit from N71.69 per unit, and Afriland Properties Plc fell by N1.10 to sell at N15.95 per share versus N17.05 per share.
There were two gainers at the midweek trading session, led by IPWA Plc, which appreciated by 55 Kobo to N6.61 per unit from N6.06 per unit, and First Trust Mortgage Bank Plc improved its value by 4 Kobo to N2.32 per share from N2.28 per share.
Yesterday, the volume of securities rose by 620.4 per cent to 5.7 million units from 797,264 units, the value of securities increased by 25.1 per cent to N32.7 million from N26.1 million, and the number of deals climbed by 12.1 per cent to 37 deals from the preceding session’s 33 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by CSCS Plc with 57.2 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.
GNI Plc also finished the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
By Adedapo Adesanya
Foreign Exchange (FX) demand pressure eased on the Naira on Wednesday, April 8, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) after gaining N14.84 or 1.07 per cent against the greenback to quote at N1,371.82/$1 compared with the previous day’s N1,386.66/$1.
Also, the local currency appreciated against the Euro in the same market window at midweek by N1.54 to close at N1,604.07/€1 versus Tuesday’s closing rate of N1,605.61/€1, but lost N6.26 against the Pound Sterling to trade at N1,844.83/£1 versus N1,838.57/£1.
In the parallel market, the exchange rate of the Naira to the US Dollar remained unchanged yesterday at N1,410/$1, according to data sourced by Business Post.
There were indicators that the official FX market experienced a liquidity surge, which eased worries around the dominant US Dollar on Wednesday, as the Central Bank of Nigeria (CBN) revealed interbank deals rose to 220 from 71 reported the previous day.
The domestic currency has been in strong demand from foreign portfolio investors seeking to purchase OMO bills and other fixed-income instruments.
Forecasts also show that the local currency will remain relatively stable during the second quarter of the year, trading within the N1,340 to N1,430 per Dollar band on improved FX liquidity, stronger oil earnings, and rising external reserves, which have climbed above 50 billion dollars.
As for the cryptocurrency market, it fell after an initial ceasefire-fueled rally, with markets retracing Wednesday’s “ceasefire euphoria” as cracks emerge in the US-Iran truce while the Strait of Hormuz remains effectively closed.
Global risk assets face renewed pressure as geopolitical uncertainty combines with what analysts call “uncoordinated tightening” by major central banks, reinforcing higher-for-longer interest-rate expectations.
The price of Cardano (ADA) fell by 4.7 per cent to $0.2500, Ripple (XRP) slumped 3.7 per cent to $1.33, Dogecoin (DOGE) shrank by 3.5 per cent to $0.0915, Binance Coin (BNB) slipped 2.6 per cent to $600.02, Ethereum (ETH) went down by 2.5 per cent to $2,183.82, Solana (SOL) dipped 2.5 per cent to $82.24, and Bitcoin (BTC) depreciated by 1.1 per cent to $70,995.20.
However, TRON (TRX) appreciated by 0.4 per cent to $0.3173, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
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