Non-oil imports surpass exports by 463%

The first quarter trade statistics have shown that Nigeria’s non-oil imports by sea surpassed exports by over 463 percent.

This is despite government’s efforts in the last four years to diversify the economy from oil (Nigeria’s major revenue source) to non-oil revenue sources.

Also, Nigeria’s total merchandise trade by sea declined by N411.4bn in the first quarter against the value obtained in the fourth quarter of 2018.

Data obtained from the National Bureau of Statistics showed that the total non-oil sector merchandise trade by sea was N3.10tn in the first quarter of 2019 against N2.10tn recorded in the fourth quarter of 2018.

Further breakdown showed that between January and March 2019, Nigeria traded in agricultural goods worth N322.3bn (exports, N86.1bn; Imports, N236.3bn); raw materials goods N366.5bn (exports, N36.4bn; Imports, N330.08bn); solid mineral goods N26.8bn (exports, N8.99bn; Imports, N17.8bn); energy goods N10.7bn (exports, N10.6bn; imports, N32.1m) and manufactured goods N3.3tn (exports, N462.3bn; imports, N2.7tn).

Comparatively, in the last quarter of 2018, Nigeria traded in agricultural goods worth N316.5bn (exports N97.7bn; imports, N218.8bn); raw material goods worth N350.3bn (exports, N40.8bn; imports, N309.6bn); solid mineral goods worth N25.3bn (exports, N7.7bn, imports, N17.6bn) energy goods worth N10. 81bn, (exports, N10.76bn; imports, N40.3m) and manufactured goods worth N2.3tn (exports, N75.6bn; imports, N2.2tn).

The value of imported non-oil products for Q4 2018 was N2.8tn while export was N232.6bn.

The value of non-oil export for Q1 was N604.4bn, higher than the export for Q4 of 2018 by N371.9bn,(162 per cent). The value of non-oil imports for Q1 was N3.4tn.

Nevertheless, non-oil import for the first quarter (N3.4tn) was higher than export (N604.4bn) by N2.8tn. The same pattern was observed in Q3 2018.

The non-oil export value in Q3 2018 was N163.3bn while import was N3.15tn(a difference of N2.99tn, or 1,828.97 per cent).

For merchandise trade by sea, in the first quarter N7.9tn was recorded against N8.3tn recorded in the fourth quarter of 2018, a decline of N411.4bn quarter by quarter.

A breakdown of the merchandise trade by sea indicated that export in the first quarter was N4.5tn, (99.1 percent of total exports) while import was N3.4tn.