₦airaland Forum

The National Bureau of Statistics has said the value of the total trade at the end of 2016 was N17. 35bn.

The NBS said that the figure was 6.5 percent higher than the value recorded in 2015.

The bureau announced this in a report on “Merchandise Trade Intensity Index/Re-exports for fourth quarter” released in Abuja.

The report, however, stated that Nigeria’s external trade in the fourth quarter of 2016 was valued at N5.28bn.

He said, “The export component stood at N2.98bn while the import component stood at N2.31bn leading to a trade surplus of N671bn.

“Trade by sector showed that crude oil exports had the largest share of the total trade, accounting for N2.43bn or 45.9 percent trade in fourth quarter.

“The second major contributor to total trade by sector was manufactured goods with N1.17bn or 22.1 percent of total trade.”

The report stated that manufactured goods were followed by the non-crude oil products, which was also a major contributor to total trade in the quarter under review.

He said, “The non-crude oil products stood at N1.15bn or 21.8 per cent while Agricultural goods accounted for N212.7bn or 4 per cent.

“Raw material goods accounted for N309bn or 5.9 per cent and Solid mineral goods stood at N13.1bn or 0.3 percent of total trade in the quarter.”

The report stated that Nigeria’s export intensity in the months of October, November and December 2016 was the highest for South Africa with export intensities of 8.9, 7.3 and 4.1, respectively.

It stated that export intensity in the fourth quarter was also intense with India with export intensities of 5.8, 5.8 and 1.7 for the last three months of 2016.

He said, “Spain and Netherlands also had high export intensities with export intensities of 4.8, 2.9 and 2.0 for Spain and 2.2, 1.5 and 2.2 for the Netherlands.

“Although the United States was one of Nigeria’s major trading partners, its export intensity was low with 0.6, 0.6 and 0.2 for the last three months of 2016.”

Meanwhile, the report stated that Nigeria imported mainly from China with total imports of N404.1bn or 17.5 percent of total imports.

It stated that China was followed by Belgium with N356.46bn or 15 per cent while import trade with Netherlands which was the third highest was valued at N230bn or 10 per cent.

“The remaining trading partners contributed a relatively lower proportion of the total import trade.

“United States accounted for N205.6 billion or 8.9 per cent while India accounted for N113.9bn or 4.9 percent,’’ the report stated.

http://investorsking.com/nigeria-external-trade-hits-n17-35bn-in-2016-nbs/

Wow what a nice stat, I will be hoping for a positive economic growth in 2017.

Really....

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ok

Good

Ok

This figure must be very wrong at N17.35 billion. That's peanuts. Even the value of one month crude sales is far in excess of that.
Seems some of our journalists are just dumb. Only someone with fish brain can put the contraption of a writeup as the OP has posted. Reading through the post will show that this headline is wrong.
A big shame and we should all condemn mediocrity

Am not understanding anything

Just N17.35 billion

There mus be mistake somewhere.

Ok

Ok

That's good news. It can only get better.

Will this reduce the prize of goods in the internal market

Everything just for news paper. While there is nothing on ground to show for it




It was in recession I learnt that been a salary earner is shit

Am planning on starting a business sharply sharply

In dollars please

....Wailers no go like dis


Meanwhile carry dis hammer Breakfast. .......

Sweet sweet news

But wait o! What and what are we exporting? I mean excluding oil

Hmmmmmmm

pass me cold beer, na comment carry me come here

Benjom:
That's good news. It can only get better.

The write up is poo

lemme eat first

hunger and mathematics is a recipes for disorientation

Ok

This figures are impossible...

17bn ke

Depreciation of the naira might have increased the numeric value of the trade. The only way to be sure is to know if the quantity of goods exported actually increased

So why is d dollar still crazy?

Make una continue de deceive unaselves n una useless zombies.

Trillion not billion

Buhari is really working

Good

This is good news if you ask me