The value of Nigeria’s trade balance, for the first time since 2014, reached N1.23 trillion in the third quarter of 2017 due to a continued increase in exports and a decline in imports.

This was disclosed in a Nigerian Bureau of Statistics, NBS, report published, Monday, on the bureau’s website.
According to the report, the figure exceeded the N506.5 billion recorded in the previous quarter.

The report also showed that the value of Nigeria’s total imports in goods decreased by 10.51 per cent in the third quarter of 2017 from the N2.6 trillion recorded in the second quarter of 2017 to N2.3 trillion.

Nigeria’s total imports in goods were 4.68 per cent lower than the N2.4 trillion recorded in the third quarter of 2016.

The total export value stood at N3.6 trillion in third quarter, thereby resulting in a 13.19 per cent and 35 per cent increase over the N3.1 trillion recorded in quarter two and N2.3 trillion recorded in the third quarter of 2016 respectively.

The total trade for quarter three stood at N5.93 trillion, making it 3.94 per cent and 23.86 per cent higher than the value recorded in the second quarter of 2017 and the third quarter of 2016.

The report indicated that the value of imported agricultural goods stood at N232.2 billion, making it 0.05 per cent higher than the N232.1 recorded in Q2, 2017 and 16.91 per cent higher than the value recorded in Q3 2016.

The value of exported agricultural goods stood at N21.47 billion, making it 38.43 per cent lower than the N29.71 billion recorded in Q2 2017 but 25.29 per cent higher than the value recorded for third quarter, Q3, 2016.

The value of solid minerals imports in Q3 2017 decreased by 1,220.48 per cent to N14.51 billion when compared to the 191.57 billion recorded in quarter two; but was 8.69 per cent higher than the value recorded in Q3 2016.

Solid Minerals exports value in Q3 2017, increased by 85.3 per cent to 20.82 billion compared to the 3.01 billion recorded in the second quarter and was 78.72 per cent higher than the value recorded in Q3 2016.

Manufactured goods exports, valued at N50.13 billion, was 62.68 per cent lower than the N1.24 trillion recorded in Q2, 2017, but 22.98 per cent higher than the value recorded in Q3 2016.

Manufactured goods imports in the third quarter of 2017, valued at N1.2 trillion was 4.08 per cent higher than the N1.1 trillion recorded in Quarter two and 2.79 per cent lower than the value documented for the third quarter of 2016.

Other oil products exports valued at N474.9billion in quarter three was 13.53 per cent lower than the N539 billion recorded in the second quarter of 2017 and 37.22 per cent higher than the value recorded in the third quarter of 2016.

Crude Oil exports in Q3 2017 stood at N2.9 trillion, making it 18.40 per cent and 34.13 per cent higher than the N2.43 trillion recorded in Q2 2017 and the value recorded in Q3 2016 respectively.

“Exports in the third quarter were still oil dependent. Crude oil exports were recorded N2,971.94 billion in the third quarter and it remained the majority of total exports constituting 83.17 per cent,” the agency stated.

https://www.premiumtimesng.com/business/business-news/252284-nigerias-trade-balance-exceeds-n1-trillion-for-first-time-since-2014-report.html?_e_pi_=7%2CPAGE_ID10%2C7525196799

Seriously, does it affect price of garri?

Ok, at least seems we r solving one thing...

Anybody has ideas how we can also solve the following:

1) rampant corruption everywhere
2) corrupt politicians
3) corrupt police
4) SARS
5) ritualists,
6) kidnappers,
7) conmen,
yahoo boys,
9) brazen robbers,
10) Boko Haram,
11) IPOB,
12) Delta Avengers,
13) baby factories,
14) child molesters,
15) child snatchers
16)human traffickers,
17) poor power supply,
18) ridiculous hospitals,
19) doctor strikes
20) poor schools, universities
21) poor infrastructure,
22) poor water supply,
23) poor waste disposal,
24) poor drainage system,
25) poor building inspection,
26) collapsing buildings,
27) dillapidated housing,
28) poor drug inspection,
29) poor food inspection,
30) poor environmental planning
31) corrupt clearing and forwarding,
32) corrupt customs,
33) no mental healthcare
34) no provisions for handicapped people
35) corrupt legal system,
36) corrupt judiciary,
37) poor banking system, long lines
38) poor and corrupt monetary system (black market)
39) Fulani herdsmen
40) military
41) aviation in general
42) MM Airport, Ikeja
43) filthy and congested seaports (Apapa)
44) rampant strikes
45) fake everything
46) intermittent fuel scarcity
47) generator fumes and noise
48) corrupt FRSC
49) road blocks
50) Non-existent planned public transportation
51) fires and deaths from power surges
52) deaths from unsafe roads
53) In case of fire, long waits for poor response
54) In case of crime, long waits for police response
55) long waits for poorly equipped ambulances
56) very poor emergency healthcare
57) ineffective drug prescription system
58) totally corrupt govt bureaucracy
59) very poor public healthcare sector
60) poor crime investigation process
61) poor forensics
62) poor record-keeping process
63) poor and fraud-susceptible personal identification
64) non-availability of student loans and work-study
65) non-existent credit system
66) non-existent car rental system
67) fraud-prone real estate - "this house is not for sale"
68) no substantial recompense for death or injury due to govt or police mistake or negligence
69) rampant jungle justice, sometimes on innocent people (could be u)
70) extremely high unemployment rate
71) cultists and cult wars
72) hawkers, beggars, mad and near-mad all over

Noted.

Liars

APC Are thieves

PMB is a quiet achiever. No need to make noise too much.

The economy they destroyed for sixteen years, they want it repaired in two years! Even a building destroyed in one day cannot be rebuilt in one week.

Shameless jokers PDP and their supporters are.

Solid Minerals exports value in Q3 2017, increased by 85.3 per cent to 20.82 billion compared to the 3.01 billion recorded in the second quarter and was 78.72 per cent higher than the value recorded in Q3 2016.

The Solid Minerals sector is actually doing great. Kudos to Fayemi in this regard.

For those trying to applaud this hogwash just remember its like diluting and bottle of coke with water and claiming you have more coke ..this Balance trade number doesnt generally signify growth in our economic factors of production but just reveals a slump in the quality and standards of living in Nigeria , people are not importing less because there are better locally produced alternatives but because they have cut out a lot of imported stuff because they cant afford E.g the automotive sales industry imported 90 percent less cars because of low demand and this means many Nigerians who want cars are going for Nigerian used cars which means many people have also sold their Nigerian used cars to others to make ends meet...This is reflective of a lower quality of life .

We Say no to Government backed Lies

Baba is working.



These flying guys won't like this news.

The blessings of recession

Caseless:



Baba is working.



These flying guys won't like this news.

Get a life, Bro. Even though I hate IPOB, your insults is just too much and getting irritating.

This isn't good news, our balance of trade should exceed that of 2014 in naira considering the purchasing power of naira is far below that of 2014.

Imagine if the value were to be in dollars. We aren't progressing. Too bad.

Isokowadoo:
APC Are thieves

But if NBS said we are back in recession, you will be jubilating

Isokowadoo:
We Say no to Government backed Lies

when did Zimbabwean currency become that strong?

The trade balance should have been presented in dollars. I believe the weakening of the naira against the dollar might be a factor in the high figure.

Caseless:



Baba is working.



These flying guys won't like this news.

Stale

Sounds like good news.....

It has to be true to really be good news, though.

What are Nigeria exporting biko

Thank u pmb

Yet haters will continue to hate

Out agricultural exports value is still low sha,we should still try and vamp up exportation of agricultural products.

9jaDoc:
Seriously, does it affect price of garri?

That's the problem of Nigerians. Everything is about garri garri garri. The western world took years to get to where they are. But we want garri garri garri overnight. I was a kid when Nigerians started living below 1 dollar a day, when we used to hear that 80 percent of Nigerians live below the poverty line. Then after 2015 suddenly 90 percent of Nigerians want to jump across the poverty line over night. Garri Garri Garri!

They are on their way with stomachs filled with anger over this good news.

SillyMods:
PMB is a quiet achiever. No need to make noise too much.

.
.
Since 2014? And u calls him a silent achiever, u guys are really so pathetic.

9jaDoc:
Seriously, does it affect price of garri?

What do you know, NOTHING, comment rubbish because you want to post first

SalamRushdie:
[s]For those trying to applaud this hogwash just remember its like diluting and bottle of coke with water and claiming you have more coke ..this Balance trade number doesnt generally signify growth in our economic factors of production but just reveals a slump in the quality and standards of living in Nigeria , people are not importing less because there better locally produced alternatives but because the have cut out a lot of imported stuff because they can afford E.g the automotive sales industry imported 90 percent less cars because of low demand and this means many Nigerians who wabt cars are going for Nigerian used cars which means many people have also sokd their Nigerian used cars to others to make ends meet...This is reflective of a lower quality of life .[/s]

Spotted.

The only hogwash we see here is the massive stinking hogwash you just typed. Whether you and the others like yourself like it or not, Nigerians would smile again. You can remain sad and depressed if you like.

Yet we are borrowing like there is no tomoro

SMH.... Dem go still share am finish... yeye dey smell...

9jaDoc:
Seriously, does it affect price of garri?

it does. I know if it was otherwise reported, you'd have explained to us why this report(if otherwise) is responsible for the high price of Garri.