Nigeria’s External Trade Hits N8.24trn in Q1 2019

• Nigeria’s External Trade Hits N8.24trn in Q1 2019

Nigeria records a total trade value of N8.24 trillion in the first quarter of 2019, slightly below the N8.60 trillion recorded in the final quarter of 2018.

The National Bureau of Statistics (NBS), in its foreign trade statistics report, revealed that exports stood at N4.54 trillion, while imports were N3.70 trillion in the quarter.

Trade surplus in the first quarter moderated by 4.8 percent to N831.62 billion.

Breaking down share of total trade, crude oil exports accounted for 40.98 percent of the total trade. Manufactured goods and other petroleum oil products constituted 39.27 percent and 10.93 percent, respectively.

While agricultural goods, raw material goods, solid mineral goods and energy goods represent 3.91 percent, 4.45 percent, 0.33 percent and 0.13 percent, respectively.

On a monthly basis, Nigeria’s external trade value was N3.42 trillion in January, N2.36 trillion in February and in March, N2.45 trillion.

Despite government efforts at upping agricultural goods, export component was valued at only N86.1 billion in Q1 2019. Down by 11.89 percent from N97.3 billion recorded in the previous quarter. In terms of imports, agricultural products were valued at N236.33 billion, suggesting that the nation still import more agricultural products than it exports.

Crude oil remains Nigeria’s biggest export, representing over 40 percent of the total trade during the quarter.