Nigeria’s Exports Increased More Than Imports In 2017 – NBS
Nigeria is exporting more goods and services outside the country.
On Wednesday, the National Bureau of Statistics, NBS released the Foreign Trade Statistics which showed that Nigeria’s total exports in the third quarter of 2017 stood at 3.57 billion naira.
This represents a 13.19% increase over the amount recorded in the second quarter.
But compared to the same period in 2016, it is even a higher record as it represents an increase of 35%.
The report stated that raw material exports value increased by 16.88% in the third quarter of 2017 against the level in second quarter of 2017 and 70.42% higher than third quarter of 2016.
It noted that solid minerals exports value increased by 85.3% in third quarter of 2017 compared to the second quarter of 2017 and was 78.72% higher than third quarter of 2016.
Meanwhile, NBS said that total imports value stood at 2,348.6 billion naira in the third quarter of 2017 which was 10.51% lower than second quarter of 2017 and 4.68% lower than third quarter 2016.
According to the report, the value of imported agricultural goods were 0.05% higher than the value recorded in second quarter of 2017 and 16.91% higher than third quarter of 2016.
The value of raw material imports, on the other hand were 4.77% lower than second quarter, 2017 and 2.80% lower than the value in the third quarter, 2016.
In sum, Nigeria has started exporting more than it is importing.
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