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 Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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