Petroleum, raw materials push Nigeria’s import by 19.22%
• Finished goods export rise by 684.11%
Nigeria recorded a 19.22 per cent rise in its import value quarter-on-quarter (QoQ) from N2.112 trillion (Q4:2017) to N2.518 trillion (Q1:2018).
The Guardian gathered that this is fuelled by heavy importation of petroleum products, solid minerals and other raw materials.
Government data obtained by our correspondent revealed that the Q1:18 figure was 8.04 per cent higher than Q1:17, which stood at N2.331 trillion.
The value of imported agricultural goods in Q1:18 was N184.49 billion, declining by 18.90 per cent from Q4:17 (N227.49 billion), and 5.87 per cent from Q1:17 (N1F96 billion).
Raw materials imports in Q1:18 (N284.81 billion) grew by 1.93 per cent compared to Q4:17 (N279.41 billion) and by 9.89 per cent compared to Q1:17 (N259.17 billion).
Solid minerals import in Q1:18 (N12.62 billion) decreased by 17.27 per cent on a QoQ basis (N15.26 billion); however, it increased by 3.67 per cent year-on-year (YoY) (N12.17 billion).
Energy goods import in Q1:18 (N32.4 million) recorded 76.51 per cent drop compared to Q4:17 (N138.1 million), and 205.28 per cent higher than Q1:17 (N10.6 million).
The value of manufactured goods imported in Q1:18 (N1.19 trillion) declined by 1.65 per cent over the previous quarter (N1.21 trillion); but increased 12.11 per cent over the same quarter in 2017 (N1.061 trillion).
The value of other oil products imported in Q1:18 (N846.31 billion) was 122.70 per cent higher than the value in Q4:17 (N380.03 billion), and 5.51 per cent over Q1:17 (N802.11 billion).
Total export value amounted to N4.693 trillion in Q1:18, representing a significant growth of 20.02 per cent over Q4:17 (N3.911 trillion), and 56.01 per cent over Q1:2017 (N3.008 trillion).
The export value for agricultural goods in Q1:18 (N73.24 billion) was 63.84 per cent higher than the value in Q4:17 (N44.7 billion), and 24.01 per cent higher in Q1:17 (N59.06 billion).
Raw materials export value decreased by 13.62 per cent in Q1:18 (N32.7 billion) compared to Q4:17 (N37.85 billion), but increased 47.71 per cent against Q1:17 (N22.13 billion).
Solid minerals export value in Q1:18 (N26.92 billion) recorded a 12.96 per cent QoQ growth (N23.83 billion), and a 58.50 per cent YoY growth rate compared to Q1:17 (N16.98 billion).
The value of energy goods exported in Q1:18 (N10.39 billion) was 8.8 per cent higher than that of Q4:17 (N9.55 billion), and 16.5 per cent above Q1:17 (N8.92 billion).
Manufactured goods export in Q1:18 (N434.37 billion) saw significant growth by 684.11 per cent over the previous quarter (N55.39 billion), and by 576.9 per cent when compared to Q1:17 (N64.17 billion).
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