Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,589 members, 7,955,170 topics. Date: Saturday, 21 September 2024 at 06:42 PM |
Nairaland Forum / Nairaland / General / Politics / Nigeria Trade Deficit Rises To N184.1 Billion In Q1 (5628 Views)
Buhari's Appointments: Death Toll Rises To Eight / Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report / FG Records N725bn Deficit In First Quarter (2) (3) (4)
Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Truth234(m): 3:59am On Jun 01, 2016 |
Nigeria’s trade value plunged in the first quarter of the year to N2,72tn from N3,51tn recorded in the preceding quarter, this was 22.6 percent less than what was obtained in the final quarter of 2015, National Bureau of Statistic (NBS) reported on Tuesday. According to the NBS report, this development was as a result of a sharp decline in both exports and imports goods, exports reportedly declined 34.6 percent quarter-on-quarter and 52.3 percent year-on-year, while imports dropped by 7.8 percent in the first quarter and 15.8 percent year-on-year. This abrupt decline in the export value plunged the country’s trade balance to deficit of N184.1bn in the first quarter of the year, making it the first trade deficit in seven years. The NBS report also shows imports are mainly from Asia, with 23.8 percent of the total imports coming from China. This further affirmed the imperative of Nigeria-China trade agreement if well implemented, it would ease foreign exchange pressure on the US dollar and help attack surging inflation. The President of National Association of Nigerian Traders, Ken Ukaoha, said other factors also contributed to the development. “We have for so long remained import-dependent; we have also continued to cultivate a mono product economy, which is oil, and our earnings from oil is presently disappointing. Apart from the fact that the price of oil is depreciating, you also find out that the quantity of our export is going so terribly low as a result of vandalism.” Ukaoha said. He further stated “We are talking about import substitution, but all the strategies needed there are not in place. Also, the delay in the passage of the budget made all the private sector operators who are major players in exports to relax waiting for the budget passage in order to know the next line of action.” While other economists said the negative balance of trade would impacts other areas of the economy as external reserves would deplete further. “The implication of a negative trade balance for a country that does not have invisible imports is that we are going to have a severe negative balance of payment; the implication of this is that our external reserves will deplete further because we will need to use much of it to pay for imports,” said Johnson Chukwu, the Chief Executive Officer, Cowry Asset Management Limited. http://investorsking.com/nigeria-trade-deficit-rises-to-n184-1-billion-in-q1/ 1 Like |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by nnachukz(m): 4:18am On Jun 01, 2016 |
This brain dead psycho has just been destroying the little he met with his outdated 1984 imported policy. 31 Likes 1 Share |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by greatgod2012(f): 4:34am On Jun 01, 2016 |
When imports exceed exports, definitely, there will be deficit/unfavorable balance of his trade, which of course leads to deficit/unfavorable balance of payment. The implication of this is that the money that goes out of the country is more than the money that comes into the country. If this persists, our reserves will be depleting, if not controlled on time, economic recession sets it. This is the situation we have now found ourselves, because we all know that our imports has always been greater than our exports, and we're not ready to stop yet, We've been greatly obsessed of imported products and services. I hope this stops soonest, or else, we're just starting. The future of this country is sinking. It's now left to us if we will fold our hands and let it totally sink. 10 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by mesoprogress(m): 5:57am On Jun 01, 2016 |
When you fail to plan, you plan to fail. When buhari was playing chess with economy, what does he expect? 28 Likes 1 Share |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by looseweight: 8:18am On Jun 01, 2016 |
God please help my dear country 2 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by TippyTop(m): 8:19am On Jun 01, 2016 |
This abrupt decline in the export value plunged the country’s trade balance to deficit of N184.1bn in the first quarter of the year, making it the first trade deficit in seven years.First deficit in 7yrs, facts are stubborn you know. 27 Likes 3 Shares |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by amoduganja: 8:20am On Jun 01, 2016 |
jk |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Funbii(m): 8:20am On Jun 01, 2016 |
Dear oh dear there was a country 1 Like |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Samexdx(m): 8:20am On Jun 01, 2016 |
Am coming. |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by UjGina: 8:20am On Jun 01, 2016 |
bubu is a dullard 7 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by chimah3(m): 8:21am On Jun 01, 2016 |
WHY LIE PMB IS A FAILURE!!! 11 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by sheftyxz(m): 8:21am On Jun 01, 2016 |
sai baba |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by pinkyliceous(f): 8:22am On Jun 01, 2016 |
Buhari deserves to go. Only paid zombies will dispute this suggestion. 12 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by sanandreas(m): 8:22am On Jun 01, 2016 |
This change is hard on commoners |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Nwaoguta(m): 8:22am On Jun 01, 2016 |
buhari must die. 3 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by gurunlocker: 8:22am On Jun 01, 2016 |
When a government is only desperate for power, but not ready to lead... this is what you get.... Economy is sinking, Bubu will surely collect his salary and allocations, but citizen will suffer. 10 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by olafum1(m): 8:24am On Jun 01, 2016 |
Stale news. Buhari Pls keep on running the economy aground. I want to see how long it will take the last Zombie to wise up.... The most interesting part is watching them defend the indefensible 17 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by CharleyCharley: 8:24am On Jun 01, 2016 |
Dullardism at work Una neva see anything, shebi you want(ed) change. Enjoy it! 3 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by maxiuc(m): 8:25am On Jun 01, 2016 |
Only God knows the best not even Bihari or apc |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by CharleyCharley: 8:26am On Jun 01, 2016 |
First trade deficit in 7 years Y'all should let that sink in. Digest it, embrace it. Bullhari is simply playing ludo with 170million++ people's lives. The idiot should step down! he is a colossal failure! 17 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by daniella04: 8:27am On Jun 01, 2016 |
Please do we have a minister for Agriculture cause I am yet to here him say anything about what his ministry is doing, 1 Like |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Zellie: 8:28am On Jun 01, 2016 |
Saibaba |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by ba2undey(m): 8:29am On Jun 01, 2016 |
Gbese re owa gbawa o.... |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by mccoy47(m): 8:29am On Jun 01, 2016 |
We shall overcome! It would get better! |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by ozoemenaca: 8:31am On Jun 01, 2016 |
We are fighting corruption, we are blocking all lope holes, we are recovering loots, yet the country is sinking, things are becoming harder for the masses yet Zombies kept claiming he is working. What a pity 14 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by godoluwa(m): 8:35am On Jun 01, 2016 |
I knw wat am saying wit my signature |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by PHfinest(m): 8:39am On Jun 01, 2016 |
CHAYEE |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by Nebuchadnezar: 8:39am On Jun 01, 2016 |
watch modath and omenka skip this thread **** 1 Like |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by eph12(m): 8:53am On Jun 01, 2016 |
Now that the budget has been passed we should be hearing good news. Hopefully this 2nd quarter experience great boom. |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by lashout1: 9:06am On Jun 01, 2016 |
GEJ wasted Forex on importation of tootpicks yet we had a heathy Balance Of Payment. Statistics must tell. 12 Likes |
Re: Nigeria Trade Deficit Rises To N184.1 Billion In Q1 by mradjoy(m): 9:12am On Jun 01, 2016 |
CharleyCharley: Step down for who, may be you can do a better job? 1 Like |
Nnamdi KANU Launch New 3 Headed Dragon Biafra War Flag - Photo / President Tinubu Scraps Efcc, Icpc, Ncdc, Ncc,nta, Several Others Over Oronsaye / Diezani Alison Madueke’s Secret Romance With Hayden Boss, Dapo Abiodun
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 40 |