NBS: Nigeria’s Q2 Merchandise Exports Hit N3b

• NBS: Nigeria’s Q2 Merchandise Exports Hit N3b

The National Bureau of Statistics (NBS) said Nigeria’s total export value stood at N3,102 billion in the second quarter, representing a marginal increase over the first quarter.

The NBS stated this in ”Foreign Trade in Goods Statistics for Second Quarter 2017,’’ released yesterday in Abuja.

The Bureau stated that the value recorded in the quarter under review represented an increase of 3.2 per cent over the value recorded in the preceding quarter.

It stated that the value recorded in the quarter also represented an increase of 73.48 per cent over the value recorded in the first quarter of 2016.

The report stated that agricultural goods export value in the second quarter was -1.03 per cent lower than the first quarter.

It, however, noted the value was 94.05 per cent higher than what was recorded in the second quarter of 2016.

The report stated that raw material exports value increased by 31.8 per cent in the second quarter against the level in the first quarter but 206.4 per cent higher than the second quarter, 2016.

On solid minerals exports, the bureau stated the value of the exports in the sector in the quarter under review decreased by -27.58 per cent compared to first quarter but was 122.01 per cent higher than second quarter 2016.

In addition, it stated that crude oil exports in the second quarter were two per cent more than the value recorded in the first quarter but 63.25 per cent higher than the second quarter, 2016.

It stated that other oil products exports in the quarter were 12.5 per cent more in value than in first quarter but 117.33 per cent higher than the second quarter, 2016.

Meanwhile, the report stated that total Imports value of N2,595 billion in the second quarter was 13.51 per cent higher than the first quarter and 9.97 per cent higher than the second quarter, 2016.

It stated that value of imported agricultural goods were 16.01 per cent higher than the value recorded in the first quarter but 61.02 per cent higher than the second quarter, 2016.