jmaine:

You are just indicting yourself after your initial outburst, I wonder what Omenka will say now after you have left him in the cold . . . .

I told your co-traveller to supply FACT but he couldn't. He only gave a bloomberg news article. I expected him to visit the Budget Office, Finance Ministry or a reputable economics website. Neither did you come up with any. You Jonathanians are pathetic

barcanista: I told your co-traveller to supply FACT but he couldn't. He only gave a bloomberg news article. I expected him to visit the Budget Office, Finance Ministry or a reputable economics website. Neither did you come up with any. You Jonathanians are pathetic

You are the pathetic one here bruv, cos they presented reputable references while you were all raging to no where.

Why do the APC hordes hate anything good emanating from Nigeria ? It is highly demonic . . . .

Imagine the lame response Omenka gave about the streets and the ports as his cogent counter data, moreso when a recent post of his revealed he may not even be residing in Nigeria . . . .

barcanista: Nigeria Imports 2002-2014

Imports in Nigeria increased to 524521.20 Millions Nigerian Naira in March of 2014 from 487553.30 Millions Nigerian Naira in February of 2014. Imports in Nigeria averaged 356608.53 Millions Nigerian Naira from 2002 until 2014, reaching an all time high of 1554732.90 Millions Nigerian Naira in March of 2011 and a record low of 59635.15 Millions Nigerian Naira in December of 2002. Imports in Nigeria is reported by the National Bureau of Statistics, Nigeria.




Nigeria Imports


Actual Previous Highest Lowest Dates Unit Frequency
524521.20 487553.30 1554732.90 59635.15 2002 - 2014 Millions Nigerian Naira Monthly

Nigeria imports mainly: industrial supplies (32% of total), transport equipment and parts (23%), capital goods (24%), food and beverage (11%) and consumer goods. Main import partners are: China (17% of total), Albania (11.3%), United States (7.5%), France and Belgium. This page provides - Nigeria Imports - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Nigeria Imports - was last refreshed on Friday, August 22, 2014.

Read More Here http://www.tradingeconomics.com/nigeria/imports

Now that we are having a decent discussion, what you cited indicates an increase in imports into the country. It said nothing about the exports. It even further enriches the diversification efforts.

I really assume that you understand that balance of trade indicates the difference between what is imported and what is exported. What you are citing is the import values. Look at the export values and derive the balance of trade yourself and you will notice that we are actually having a surplus. From the same site you make reference to, please see below:

"Nigeria recorded a trade surplus of 759465.90 Millions Nigerian Naira in March of 2014. Balance of Trade in Nigeria averaged 471006.96 Millions Nigerian Naira from 2002 until 2014, reaching an all time high of 2177794.70 Millions Nigerian Naira in October of 2011 and a record low of -592182.60 Millions Nigerian Naira in March of 2011. Balance of Trade in Nigeria is reported by the National Bureau of Statistics, Nigeria."

http://www.tradingeconomics.com/nigeria/balance-of-trade

Now, see below and tell me why you disagree.

Source: Same as yours, http://www.tradingeconomics.com/nigeria/balance-of-trade


Trade Last Previous Highest Lowest Unit
Balance of Trade 759465.90 775514.30 2177794.70 -592182.60 Millions Nigerian Naira [+]
Exports 1283987.10 1263067.70 2648916.30 115556.00 Millions Nigerian Naira [+]
Imports 524521.20 487553.30 1554732.90 59635.15 Millions Nigerian Naira [+]
Current Account 5384.89 3651.44 9455.37 -4410.00 USD Million [+]
Current Account to GDP 7.10 10.80 37.90 -18.70 Percent [+]
Terms of Trade 103.75 104.22 160.25 49.48 Index Points [+]
Foreign Direct Investment 166270.41 190363.88 824311.38 1245.42 USD Thousand [+]
Gold Reserves 21.37 21.37 21.37 21.37 Tonnes [+]
Crude Oil Production 2340.00 2350.00 2695.00 675.00 BBL/D/1K


UPDATE: I don't think this will be necessary any more as @Barcanista has recanted his earlier position.

The APC demons and anti-good news apostles have all fled from this thread

barcanista: My friend you are a lying preeeeeeek. Nigeria CANNOT have Trade surplus because her imports Overwhelms her export. It's a very simple economics, one doesn't need to be an economic guru to understand this. Nigeria is on Trade Deficit!!!!!!!!!!

Lemme even ask, What and what is Nigeria Exporting and what and what is Nigeria Importing?

nigeria had been enjoying trade surplus since the


oil boom days.
last year, the value of our export was $95 billion(mainly oil and gas)
while the value of our import was $75 billion.
so nigeria had a trade surplus of $20 billion in 2013.

however the naira does not really benefit from the trade surplus because we are paid with dollars as far as the oil we sell is concerned.
the international buyers do not need to seek for naira to exchange for dollars.
they simply pay in foreign denominations.