Written by Sarah NEGEDU

Nigeria’s export value rose by 13% in Q3 – FG

Nigeria’s total export value rose by 13.19 percent in the third quarter of 2017, to stand at $10million which is equivalent to N3.57billion.

The National Bureau of Statistics, NBS, in its Foreign Trade Statistics for the third quarter 2017, said the figure represented an increase of 35 percent over the amount recorded in the same period in 2016.

The statistics posted on the NBS website, stated that raw material exports value increased by 16.88 percent in third quarter of 2017 against the level in the second quarter of 2017 and 70.42 percent higher than the third quarter of 2016.

The report indicated that solid minerals exports value increased by 85.3percent in third quarter of 2017 compared to the second quarter of 2017 and was 78.72 percent higher than was recorded in the same period in 2016.

On the other hand, total imports value dropped to N2, 348. 6 billion in the third quarter of 2017 which was 10.51 percent lower than the second quarter of 2017 and 4.68 percent lower than third quarter 2016.

However, the value of imported agricultural goods were 0.05 percent higher than the value recorded in the second quarter of 2017 and 16.91 per cent higher than the third quarter of 2016.

The report stated that the value of raw material imports was 4.77 percent lower than the second quarter, 2017 and 2.80 per cent lower than the value in the third quarter, 2016. It further stated that solid minerals imports in the third quarter 2017 decreased by 1,220.48 per cent compared to second quarter but was 8.69 per cent higher than third quarter 2016.

The report further shows that energy goods imports in the third quarter were 92.17 percent lower than the second quarter and compared to third quarter 2016 when no energy goods imports were recorded.

It stated that manufactured goods imports value was 4.08 per cent higher in the third quarter than the level in the second quarter and 2.79 per cent lower than third 2016. In addition, it stated that other oil products imports value were 17.54 per cent lower than in second quarter and 28.81 per cent higher than third quarter 2016.

Meanwhile, the Banking Sector Data Report realised by the bureau shows that the banking sector provided a total credit of N15.83trillion to finance the activities of the private sector in the third quarter of the year.

The banking report stated that the oil and gas sector got the highest amount of loans from banks in the quarter, receiving the sum of N3.54trillion, representing 22.36 percent of the total credit to the private sector.

The report shows that the manufacturing sector followed with N2.27trillion. Credit to this sector accounted for 14.34 percent of the entire credit to the private sector. On the other hand, the mining and quarrying sector got the lowest credit to the private sector, receiving the sum of N11.76bn or 0.07 per cent of the total.

According to the report, the agricultural sector received N491.49billion, power and energy, N459.24billion, construction received N653.6billion, while trade and general commerce got N954.23bn.

The report stated, “In terms of credit to the private sector, a total of N15.83trillion worth of credit was allocated by banks in Q3, 2017. Oil and gas and manufacturing sectors got credit allocation of N3.54trillion and N2.27trillion to record the highest credit allocations in the period under review.”

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