Nigeria's Exports Exceeded Imports in 2016
For the first time in many years, Nigeria exported more goods than it had to import from other countries.
This is according to data showing the total value of trade by the end of 2016 which was released by National Bureau of Statistics on Tuesday.
According to the data, the value of the total trade which stood at 17.35 billion Naira showed that exported contributed a total of 2.98 billion Naira while import contributed 2.31 billion Naira, leading to a trade surplus of 671 billion Naira.
The total value of trade, NBS said, was 6.5% higher than the value recorded in 2015.
The report also showed that Nigeria’s external trade in the fourth quarter of 2016 was valued at 5.28 billion Naira.
The report also showed that crude oil continues to dominate Nigeria's export as it accounted for 2.43 billion or 45.9% of trade in the last three months of 2016.
“The second major contributor to total trade by sector was manufactured goods with 1.17 billion or 22.1% of total trade,” the report said.
Non-crude oil products was also a major contributor to total trade in the quarter under review.
The report said, “Non-crude oil products stood at 1.15 billion or 21.8% while Agricultural goods accounted for 212.7 billion Naira or 4%.
“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.”