Nigeria’s Foreign Trade Records 39% Increase—NBS

By Ikenga Chronicles March 4, 2019

Nigeria’s Foreign Trade Records 39% Increase—NBS

The National Bureau of Statistics (NBS), said Nigeria’s foreign trade increased about 39.3 per cent to N32.26 trillion year-on-year in 2018, from N23.16 trillion recorded in the corresponding period in 2017.

The Bureau said this in its Foreign Trade in Goods Statistics for Fourth Quarter of 2018 posted on its website.

It revealed that the volume of total merchandise traded in 2018 was the highest recorded since 2014, at nearly double pre-recession levels.

During the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in the third quarter of the year. It said the total export component of the trade recorded at N5.02 trillion, represented an increase of 3.5 per cent over third quarter 2018 and 28.5 per cent over fourth quarter 2017.

This was as the agency said the import component stood at N3.58 trillion in fourth quarter 2018.

The figure showed a drop of N631.6 billion or 15.0 per cent compared to third quarter 2018 but an increase of 69.6 per cent when compared with the corresponding quarter in 2017.