Nigeria’s exports rose to a 6 year high in 2018

The value of Nigeria’s exports hit the ₦19 trillion mark in 2018. This is reflected in the report of foreign trade statistics (fourth quarter) as released by the National Bureau of Statistics (NBS).

According to the Bureau’s report, Nigeria’s export improved significantly in 2018, and this represents a 6-year all-time high compared to the value of exports in 2014.

Specifically, in 2014, Nigeria’s export was valued at ₦16 trillion. This represents a 17% increase year on year. Exports, however, dropped drastically in 2015 to ₦9.6 trillion and ₦8.5 trillion in 2016 respectively. In 2017 and 2018, they rebounded.

In 2018, the report shows that the value of total exports in Q4, 2018 increased by 3.52% against the level recorded in Q3, 2018 and 28.46% higher than its value in Q4, 2017.

Imports also grew significantly to ₦13 trillion in 2018. Comparing the 2018 export value to the ₦9 trillion in 2017, it represents a 38% growth in imports for the period under review.

Major highlights of the report

• The value of total exports in Q4, 2018 increased by 3.52% against the level recorded in Q3, 2018. This is also 28.46% higher than its value in Q4, 2017.
• Total Import’s value fell by 14.99% in Q4 2018 compared to Q3 2018, but rose 69.6% over the corresponding quarter of 2017.
• Crude oil export recorded the highest value of exported goods in 2018, and this was valued at ₦15.7 trillion as against ₦11 trillion in 2017.
• Manufactured goods topped the list of import value in 2018 at ₦7.5 trillion.
• Energy goods recorded the lowest import valued at ₦178.18 million
• The value of Agriculture imports declined by 3.9% from ₦886.7 billion in 2017 to ₦851.6 billion in 2018.
• In 2018, agricultural exports grew the highest by 77.37% from ₦170.4 billion in 2017 to ₦302.2 billion in 2018

Exports breakdown

• The breakdown of the export section shows that the value of Agricultural exports rose by 77.37% from ₦170.4 billion in 2017 to ₦302.2 billion in 2018
• The value of raw material goods exported in Q4, 2018 were 26.7% higher than the value in Q3 and 7.7% higher than the value recorded in Q4 2017.
• Similarly, the value of solid minerals exports decreased by 20.6% against Q3 2018 and 67.7% against the corresponding quarter in 2017.
• The report also shows that energy goods exports increased in value by 6.1% in Q4 2018 compared to Q3 2018 and by 12.7% when compared with Q4 2017.
• The value of manufactured goods exports rose by 14.97% in Q4 2018 when compared with the value recorded in Q3 2018 but decreased by 36.6% against the corresponding quarter in 2017.
• The value of Crude oil exports in Q4 2018 was 1.98% higher than in Q3 2018 and 29.95% higher than in Q4 2017.

Lastly, the value of other oil products exports increased by 3.5% in Q4 2018 when compared with Q3 2018, and 15.99% compared to Q4 2017

Import Breakdown

• Imported agricultural products were valued at ₦218.8 billion in Q4 2018, representing 2.23% decline to Q3 2018 valued at ₦223.8 billion.
• In Q4 2018, the value of raw material imports grew 9.5% more than the value recorded in Q3 2018, and 10.8% more than the value recorded in Q4 2017.
• Conversely, the value of Solid minerals imports was 5.26% lower than the value of imports in Q3, 2018 but 15.25% higher than the value recorded in Q4 2017.
• In 2018, agricultural exports grew the highest by 77.37% from ₦170.4 billion in 2017 to ₦302.2 billion in 2018

In order words, energy goods imports were ₦40million, or 456.76% higher than in the value of Q3 2018, and this was due to the increased importation of non-coniferous energy goods (i.e. fuel-wood in logs) during the quarter under review. Compared with the corresponding quarter of 2017, it represented a decrease of 70.8%.

The value of imported manufactured goods decreased by 23.5% against the value recorded in Q3, 2018 but rose by 82.2% against its value in Q4, 2017.

Lastly, the value of other oil products imported was ₦832.2 billion, or 28.6% lower than Q3, 2018, but it was 118.98% higher than the corresponding quarter of 2017.