Nigeria’s Total Imports in 2017 Drop 8.5% as Exports Rise 59.47%

March 4, 2018

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.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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