Nigeria’s energy sector records N861.67bn products importation in Q1 2018

Nigeria’s energy sectors, oil, gas and solid minerals recorded over N861.67 billion worth of products importation during the first quarter of 2018, according to the latest foreign trade statistics from the National Bureau of Statistics.

The data released on Tuesday showed that the value of oil products imported in the first quarter of 2018 was N846.31 billion, representing 122.70 percent higher than then the value in the fourth quarter of 2017.

According to NBS, solid minerals products stood at N12.62 billion, representing a decrease of 17.27 percent compared to the preceding quarter. Energy goods imported into the country in the first quarter of 2018 were N32.4 million, lower, compared to the fourth quarter of 2017, which was N138.1 million.

Similarly, the country’s total imports value was N2.518 trillion in the Q1 2018, representing 19.22 percent higher than N2.112 trillion recorded during the fourth quarter of 2017.

The value of imported agricultural goods in the first quarter of 2018 declined at N184.49 billion from N227.49 billion recorded in the fourth quarter of 2018. Raw materials imports in first quarter 2018 at N284.81 billion grew by 1.93 percent compared to N279.41 billion in fourth quarter of 2017.

The value of manufactured goods imported in the Q1 2018 declined by 1.65 percent to settle at N1,189.97 billion.

The NBS said the total value of Nigeria’s external trade in goods amounted to N7.211 trillion in the first quarter of 2018, which is a growth of N1.188 trillion or 19.74 percent from the N6.022 trillion recorded in the last quarter of 2017.

The total trade value in first quarter 2018 also showed a 35.07 percent growth compared to the amount of N5.339 billion recorded in the same quarter of last year. The trade balance in the first quarter, 2018 was N2.175 trillion, which increased by 20.95 percent from the last quarter in 2017, and 221.08 percent over the same quarter in 2017.

NBS said that the significant increase of trade balance in the reviewing quarter was driven by the stronger growth in exports compared to imports. The agency disclosed that the total value of export in the quarter under review was N4.693.3 billion, representing a 20.02 percent growth over the fourth quarter of 2017 and a 56.01 percent growth compared to the first quarter in 2017. Likewise, the total import component in the first quarter, which is N2.518 trillion, also recorded a growth of 19.22 percent on a quarter on quarter basis.