The National Bureau of Statistics on Saturday released Nigeria’s trade statistics for the 2017 fiscal period with the country recording an increase of N5.5tn in trade from N17.3tn in 2016 to N23.1tn.
The bureau in the report said total imports stood at N9.5tn, adding that this was 8.5 per cent lower than the N8.8tn import value recorded in 2016.
In terms of exports, the NBS report put the 2017 figure at N13.59tn, noting that this was 59.47 per cent higher than the N8.52tn recorded in 2016.
The report said trade balance, stood at a surplus of N1.79tn in the fourth quarter of 2017 compared to the surplus of N1.08tn recorded in the preceding quarter.
For full year 2017, trade balance stood at N4.03tn compared to a negative trade balance of N290.1bn in 2016.
It reads in part, “Total trade recorded for Q4 2017 was N6.02tn which represented a decline of 0.7 per cent over the Q3 2017, and an increase of 13.9 per cent over the same period last year Q4 2016.
“For full year 2017, total trade was N23.16tn which is 33.5 per cent higher when compared to the value in 2016 of N17.34tn.
“Total imports value at N2.11tn in Q4 2017 was 15.1 per cent less than Q3 2017 figure (N2.48tn) and 8.5 per cent lower than Q4, 2016 (N2.3tn).
“Total imports for full year 2017 stood at N9.5tn which was 8.5 per cent lower than the 2016 trade import value of N8.81tn.”
Exports in the fourth quarter, according to the report were still oil dependent.
It said crude oil exports were N3.25tn in the fourth quarter and it remained the highest proportion of total exports with 83 per cent.