Nigeria’s Total Import Value Up 8.04% in Q1 2018

Buhari’s ERGP grows Nigeria’s export by 60 per cent in one year

Nigeria’s Total Import Value Up 8.04% in Q1 2018 – The National Bureau of Statistics, NBS, in its latest report, revealed that Nigeria’s total imports value grew 8.04 percent to N2.52 billion in the first quarter (Q1) 2018 from N2.33 billion recorded a year earlier, according to the

The NBS stated that the N2.52 billion in the Q1 of 2018 was 19.22 percent higher than the Q4  of 2017 which posted N2.11 billion.

“The value of imported agricultural goods in the first quarter of 2018 (N184.49 billion) declined by 18.90 percent from Q4, 2017 (N227.49 billion) and by 5.87 percent from Q1, 2017 (N196.0 billion),” the NBS report said.

The statistics bureau said raw materials imports in Q1 2018 (N284.81 billion) grew by 1.93 percent compared to Q4, 2017 (N279.41 billion) and by 9.89 percent compared to Q1, 2017 (N259.17 billion).

Solid minerals imports in Q1, 2018 (N12.62 billion) decreased by 17.27 percent on a quarter-to-quarter basis (N15.26 billion), “however increased by 3.67 percent on a year-to-year basis (N12.17 billion),” the NBS added.

The report says Energy goods imports in Q1, 2018 (N32.4 million) recorded 76.51 percent lower than Q4 2017 (N138.1 million), and 205.28 percent higher than Q1, 2017 (N10.6 million).

According to the NBS, the value of manufactured goods imported in Q1 2018 (N1,189.97 billion) declined by 1.65 percent over the previous quarter (N1,209.96 billion) but increased by 12.11percent over the same quarter in 2017 (N1,061.42 billion).

While the value of other oil products imported in Q1,2018 (N846.31 billion) was 122.70 percent higher than then value in Q4, 2017 (N380.03 billion) and 5.51 percent higher than Q1, 2017 (N802.11 billion).

Total export value amounted to N4,693.34 billion in Q1, 2018, representing a significant growth of 20.02 percent over Q4, 2017 (N3,910.62 billion) and 56.01 percent over Q1, 2017 (N3,008.33 billion).

In the same vein, tThe export value for agricultural goods in Q1, 2018 (N73.24 billion) was 63.84 percent higher than the value in Q4, 2017 (N44.70 billion) and 24.01 percent higher than the value recorded in Q1, 2017 (N59.06 billion).

The NBS reports that raw material exports value decreased by 13.62 percent in Q1, 2018 (N32.70 billion) compared to Q4, 2017 (N37.85 billion) but increased by 47.71 percent compared to Q1, 2017 (N22.13 billion).

Solid Minerals exports value in Q1 2018 (N26.92 billion) recorded a 12.96 percent quarter on quarter growth (N23.83 billion), and a 58.50 percent year on year growth rate compared to Q1, 2017 (N16.98 billion).

The nation’s statistics office said the value of Energy goods exported in Q1, 2018 (N10.39 billion) was 8.8 percent higher than that of Q4, 2017 (N9.55 billion) and 16.5 percent higher than the value in Q1, 2017 (N8.92 billion).

Manufactured goods exports in Q1 2018 (N434.37 billion) saw significant growth by 684.11 percent over the previous quarter (N55.39 billion), and by 576.90 percent when compared to Q1, 2017 (N64.17 billion).

The value of Crude Oil exports recorded in Q1, 2018 (N3,580.01 billion) was 10 percent higher than the value in Q4, 2017 (N3,251.61 billion) and 50.74 percent higher than the value in Q1, 2017 (N2,374.94 billion).

Similarly, the NBS reports that other oil products exports in Q1, 2018 (N535.8 billion) also grew steadily in the reviewing quarter, with a 10.53 percent growth from Q4, 2017 (N484.65 billion) and a 15.92 percent growth from the value recorded in Q1, 2017 (N462.10 billion).

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