Sunday, 11 March 2018


Nigeria in the last three months of 2018 made N34.82 billion from the export of sesame seeds, Cocoa beans and frozen shrimps as imports fell by 15.1 per cent quarter on quarter to N2.11 trillion, while exports grew by 9.35 per cent.

Foreign Trade Statistics for the fourth quarter of 2017 released by the National Bureau of Statistics (NBS) showed that total imports of the country had declined to N2.11 trillion as against N2.487 trillion import of the third quarter and 8.5 per cent lower than Q4, 2016 N2.307 trillion. Total imports for full year 2017 stood at N9.562 trillion which was 8.5 per cent lower than the 2016 trade import value of N8.817 trillion.

Total value of export grew by 9.35 and 31.27 per cents over the Q3 2017 and Q4 2016 figures to N3.91 trillion in Q4 2017. For full year 2017, total exports rose to N13.598 trillion 59.47 per cent higher than for 2016 with a value of N8.527 trillion. Agricultural goods exports grew in value by 54.9 per cent in Q4 2017 N44.7 billion in comparison to N28.8 billion recorded in Q3 2017 and by 170.9 per cent in comparison to N16.5 billion recorded in Q4 2016.

For full year 2017, agriculture exports grew 180.7 per cent to N170.4 billion above the N60.7 billion value in 2016. A total of N15.79 billion had been made from export of sesame seeds, while cocoa beans fetched the country an export income of N14.53 billion. Frozen shrimps exports amounted to N4.5 billion while flour and meals of soya beans fetched N3.55 billion.

Export of cashew nuts also amounted to N2.12 billion. Nigeria’s exports went mainly to India which accounted for 15.7 per cent of total exports followed by United States which took up 12.8 per cent of exports.

Other countries where Nigeria’s exports went to in the last quarter of last year are Netherlands which accounted for 10.6 per cent, France which accounted for 10 or cent and Spain which accounted for 7.6 per cent of exports. China remained the major import country as 22 per cent of Nigeria’s imports came from the Asian giant. It was followed by Belgium with nine per cent, USA with 8.9 per cent, India with 6.4 per cent and Netherlands with 5.9 per cent.

Crude oil dominated external trade taking up 54.04 per cent of the total trade followed by manufactured goods with 21.01 per cent. Other petroleum products accounted for 14.36 per cent while raw materials took 5.27 per cent of the share of total trade. Agricultural produce also accounted for 4.52 per cent of the total trade.

The NBS data showed that imported Agricultural goods decreased by 1.7 per cent in Q4 2017 to N227.4 billion compared to Q3 2017 figure of N231.4 billion but increased by 15.9 per cent when compared to Q4, 2016 figure of N196.2 billion. For full year, 2017, imported agricultural goods increased by 35.09 per cent to N886.7 billion from N656.4 billion in 2016.

Raw materials imports in Q4 2017  of N279.4 billion were 2.1  per cent lower than Q3, 2017 value of N285.3 billion and 2.7 per cent lower than Q4 2016 figure of N287.2 billion. For full year 2017, imported raw materials increased by 19.3 per cent to N1.128.3 trillion from N945.7 billion in 2016.

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