Nigeria records N2.1trn trade surplus in Q1

National Bureau of Statistics (NBS) has said that Nigeria in the first quarter (Q1) of 2018 recorded a trade balance in excess of N2 trillion.

NBS in its latest report issued on Wednesday, indicated that strong increase in export trade in the first quarter of 2018 led to the surplus balance of trade amounting to N2.175 trillion,

The total value of merchandise trade was N7, 211.61 billion, which was a 19.74 per cent growth from the figure of N6, 022.93 billion recorded in Q4, 2017 and a 35.07 per cent growth from N5, 339.24 billion in Q1, 2017.

The new report indicated that trade balance in Q1, 2018 was a surplus of N2.175 trillion, which is a 20.95 per cent increase from the figure in Q4, 2017 N1.798 trillion and a 221.08 per cent increase from the figure of N677.42 billion recorded in Q1, 2017.

Total imports value during the period was N2, 518.26 billion, which was 19.22 per cent higher than Q4, 2017 figure of N2.112 trillion and 8.04 per cent higher than Q1, 2017 figure of N2.330 trillion.

Total export value amounted to ₦ 4.693 trillion in Q1, 2018, representing a significant growth of 20.02 per cent over Q4, 2017 of N3.910 trillion and 56.01 per cent over Q1, 2017 figure of N3, 008.33 billion.

Value of manufactured goods exports during Q1 2018 was N434.37 trillion and NBS described it as “significant growth by 684.11 per cent over the previous quarter of N55.39 billion, and by 576.90 per cent when compared N64.17 billion recorded into Q1, 2017.

The value of crude oil exported during Q1 2018 increased by 10 per cent to N3.580 trillion compared with N3.251 trillion exported in Q4, 2017 and 50.74 per cent higher than the value in Q1, 2017 at N2, 374.94 billion.

Other oil products exports in Q1, 2018 amounting to N535.8 billion also grew steadily in the reviewing quarter, with a 10.53 per cent growth from Q4, 2017 or N484.65 billion and a 15.92 per cent growth from the value recorded in Q1, 2017 at N462.10 billion.