Nigeria’s Trade Volume Rises N32.2tn in 2018

• Nigeria’s Trade Volume Rises N32.2tn in 2018

The total volume of trade in 2018 stood at N32.2 trillion, according to the National Bureau of Statistics.

The figure contained in the foreign trade statistics report for the fourth quarter was 39.31 per cent higher than the number recorded in 2017.

Total export from the country stood at N19.09 trillion in the year, 40.46 per cent higher than 2017. While import was N13.13 trillion, also more than 37.67 per cent recorded in 2017.

Nigerian economic growth continued to deepen after the Federal Government implemented its economic and recovery growth plan. Export of agricultural goods surged by 115.1 per cent, while the value of imports that has been an issue over the years dropped by 14.99 per cent in the fourth quarter of 2018.

The report read in part, “The value of the total imports fell 14.99 per cent in Q4 2018 compared to Q3 2018, but rose 69.6 per cent over the corresponding quarter of 2017.

“Imported agricultural products were valued at N5bn, or 2.23 per cent less than in Q3 2018, and N8.7bn or 3.8 per cent lower than Q4 2017.

“The value of raw material imports grew 9.5 per cent more than the value recorded in Q3 2018, and 10.8 per cent more than the value recorded in Q4 2017.

“The value of solid minerals imports was 5.26 per cent lower than the value of imports in Q3 2018, but 15.25 per cent higher than the value recorded in Q4 2017.”

The report revealed that the value of imported manufactured goods declined by 23.5 per cent in the fourth quarter when compared with the valued recorded in the third quarter of 2018.

Also, the value of agricultural exports increased by 115.1 per cent in the fourth quarter of 2018 while raw material exported was 26.7 per cent higher than the value in the third quarter.

Federal Government efforts at encouraging local businesses by restricting manufacturers of goods that can be produced locally from accessing forex have started yielding results. Importation of manufactured goods declined by 23.5 per cent last year. Suggesting more businesses are now manufacturing locally as shown by the manufacturing Purchasing Managers’ Index released by the Central Bank of Nigeria last week.

Analysts at Investors King Ltd believed it will further boost growth in the sector and expand job creation.