Latest data from the National Bureau of Statistics
show that Nigeria’s trade value in export is now more
than the value of its import as agricultural exports
increased by 82 percent in Q1 2017.

The export earnings from agricultural goods stood at
N30 billion. These exports were driven by Sesame
seeds, whose exports were above N5 billion.

This is in line with the government’s current drive for
improved agricultural systems and self-sufficiency in
food products.

Nigeria’s trade volume hit N5.29 trillion, as import
decreased to N2.286 trillion and export increased to
N3.0059 trillion.

“Total exports for the period under review stood at
N3,005.9 billion, while total imports stood at N2,286.5
billion. The total value of Nigeria’s merchandise trade
at the end of Q1, 2017 was N5,292.4 billion,” NBS
said.

“This represented a slight increase of 0.1% relative to
the value of N5,286.6 billion recorded in the preceding
quarter. The marginal rise in exports, coupled with a
slight decrease in imports brought the country’s trade
balance to N719.4 billion during the period, up from
N671.3 billion.

This represents the second
consecutive positive trade balance after 4 quarter of
negative trade balance.”

Crude oil accounted for the largest share of total trade
with 44.91 percent, followed by other oil products
(23.37%), manufactured products (21.93%), raw
materials (5.12%) and agricultural products (4.35%).

The bureau said that major export trading partners to
the country in the quarter were India, US, Spain,
Netherlands and France.

The bureau said that India was the largest export
partner to Nigeria which accounted for 22.24 per cent
of export followed by the US was 13.86 per cent and
Spain accounted 10.81 per cent.

Other partners, it said, were Netherlands which
accounted for 8.32 per cent and France accounted for
6.5 per cent.

It said that other products exported by Nigeria
included “prepared foodstuffs; beverages spirits and
vinegar; tobacco” valued at N46.5 billion or 1.5 per
cent, and vehicles, aircraft and parts thereof; vessels
worth N 25.1 billion or 0.8 per cent.

Meanwhile, the bureau stated that China topped the
major import trading partners of the country of 16.79
per cent; Belgium 14.88 per cent; Netherlands 10.80
per cent; U. S. 8.07 per cent; and India 4.53 per cent.

It said that the major traded agricultural products to
the countries were Sesame seed, Soya Beans, Frozen
shrimps and prawn, cashew nuts in shell and crude
palm kernel oil.

TheCable