Nigeria’s foreign trade volume increased by 39.3%

Nigeria’s foreign trade volume increased by 39.3% - NBS

The National Bureau of Statistics (NBS), said the country recorded a total trade value of N32.26 trillion year-on-year in 2018, representing 39.3 per cent increase over the corresponding period in 2017.

The trade value for 2017 stood at N23.16 trillion.

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

The bureau said the volume of total merchandise trade in 2018 was the highest recorded since 2014, nearly double pre-recession levels.

The Bureau said during the fourth quarter of 2018, total merchandise trade stood at N8.60 trillion compared to its value of N9.06 trillion recorded in 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.

Meanwhile the bureau said the import component stood at N3.58 trillion in fourth quarters 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.

However, it said the increase in export value and decrease in import value (relative to third quarter 2018) resulted in a favourable trade balance of N1441 billion, or 125.5 per cent over the preceding quarter.

According to the report, crude oil export has been the main stay of the economy; it accounted for the largest share of total exports (84.2 per cent) in the fourth quarter of 2018 at N4.228 billion.

Non-oil products accounted for 4.6 per cent of total exports while other oil products accounted for 11.2 per cent of total exports in the quarter under review.

The report said that the value of crude oil exports in the fourth quarter, 2018 was 1.98 per cent higher than in third quarter 2018 and 29.95 per cent higher than in fourth quarter 2017.

It said the value of other oil products exports increased by 3.5 per cent in fourth quarter 2018 when compared with third quarter 2018 and 15.99 per cent compared to fourth quarter 2017.

Also, the value of manufactured goods exports rose by 14.97 per cent in fourth quarter 2018 when compared with the value recorded in third quarter 2018 but decreased 36.6 per cent against the corresponding quarter in 2017.

It, however, said that the exports of energy goods increased in value by 6.1 per cent in fourth quarter 2018 compared to third quarter 2018 and by 12.7 per cent when compared with fourth quarter 2017.

Meanwhile, the bureau said the value of total exports in fourth quarter 2018 increased by 3.52 per cent against the level recorded in third quarter 2018 and 28.46 per cent higher than its value in fourth quarter 2017.

India, Spain, France, South Africa and the Netherlands were the country’s major export trading partners in the quarter under review while China, US, Netherlands, India and Belgium were the major import trading partners.

PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!

Recall that the National Bureau of Statistics (NBS) said the total value of capital importation into Nigeria stood at 16.81 billion dollars in 2018 compared to 12.22 billion dollars capital imported in 2017.

The bureau said the figures represented 37.49% growth year-on-year. The NBS disclosed this in Nigerian capital importation for fourth quarter and full year, 2018 report posted on its website, the News Agency of Nigeria (NAN) reports.

NAIJ.com (naija.ng) -> Legit.ng: Same great journalism, upgraded for better service!

Minister of industry says economy is improving; Nigerians disagree | Legit TV

Source: Legit.ng

from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 https://ift.tt/2IPcdqT
via EDUPEDIA24/7

These funny food quotes will make you laugh like crazy

Food is not only an essential part of the daily routine but also the most exciting one. We cannot imagine our life without something yummy. How do you make ordinary eating fun and unforgettable? We bring to your attention amazing food quotes which will definitely make you smile. Image: unsplash.com (modified by author) Source: UGC Are you looking for interesting ideas to entertain your interlocutor while having lunch at work or family dinner? Then this article is definitely for you! Good food quotes Below are food quotes, aphorisms and witty statements. This is an exciting and extraordinary collection of the top "pearls of wisdom" on this topic. Here you can find funny jokes and sayings, intelligent thoughts of philosophers and original words of great thinkers and inspiring statuses from social networks, as well as many other things. The best appetite comes without food. I love calories. They are dаmn tasty. An empty stomach is the Devil's playground. Have bre

The Transitional Phase of African Poetry

The Transitional Phase The second phase, which we have chosen to call transitional, is represented by the poetry of writers like Abioseh Nicol, Gabriel Okara, Kwesi Brew, Dennis Brutus, Lenrie Peters and Joseph Kariuki. This is poetry which is written by people we normally refer to as modem and who may be thought of as belonging to the third phase. The characteristics of this poetry are its competent and articulate use of the received European language, its unforced grasp of Africa’s physical, cultural and socio-political environment and often its lyricism. To distinguish this type of poetry we have to refer back to the concept of appropriation we introduced earlier. At the simplest and basic level, the cultural mandate of possessing a people’s piece of the earth involves a mental and emotional homecoming within the physical environment. Poems like Brew’s ‘‘Dry season”, Okara’s “Call of the River Nun”, Nicol’s “The meaning of Africa” and Soyinka’s “Season”, to give a few examples,

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja. Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi

EDUPEDIA247

Search This Blog