Nigeria Economy | |
Nigeria Economy | |
3764 VIEWS | |
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Monday, June 24
2019 07:20 PM / NBS
Highlights
Between January and March 2019 (Jan 2018=100)
Ø The All commodity group export price
index rose by 1.85% due to increases in the prices of Animal and vegetable fats
and oils.
Ø The All products terms of trade
(TOT) index increased by 2.30% due to increases in prices of Animal and
vegetable fats and oils and other cleavage products
Ø The All region group export index
rose by 1.85% due to rise in export prices to Asia and America.
Ø The All region group import index
fell by -0.46% due to declines in import prices across all Regions.
Ø The All region terms of trade
increased by 2.30% due to increased export prices to and Asia and America.
Ø Nigeria’s major trading partner
countries in Q1 2019 were India, China, Spain, France and the Netherlands
Ø The major export to these countries
were crude petroleum and natural gas
Ø The major imports from these
countries were motorcycles, motor spirit (ordinary) and Machine for reception,
conversion and distribution of voice/images.
Terms Of Trade
The
terms of trade (TOT) represents the ratio between a country’s export prices and
its import prices. The ratio is calculated by dividing the price of the exports
by the price of the imports, usually in percentage terms. In this report, the
terms of trade is calculated as the value of Nigeria’s exports as a percentage
of the value of its imports. An increase in the terms of trade between two
periods (or when TOT is greater than 100%) means that the value of exports is
increasing relative to the value of imports, and the country can afford more
imports for the same value of exports. For example, an increase in the price of
oil between two periods (with oil production remaining the same) is likely to
increase or improve the terms of trade for Nigeria and vice versa. The TOT is
recorded as an index and can be used as an indicator of an economy’s health.
Commodity Price Index January To March, 2019
All commodity group import index (Table 1)
In
Q1 2019, the All commodity group import index, on average, decreased by -0.46%,
following a 0.29% rise in February and a drop of 0.74% in March.
On a month on month basis, the All commodity group import price index advanced by 0.29% in February, compared to January. The February advance was driven by prices of Wood and articles of wood (1.22%), Boilers, machinery & appliances (0.85%) and prepared foodstuff (0.62%), which was offset by decreases in the prices of textile & textile articles (-1.28%) and footwear, headgear, umbrellas etc (-5.18%)
Import
prices for the All commodity group decreased 0.74% in March compared to
February. The products that contributed to this decrease were wood and articles
of wood, wood Charcoal (-2.42%) and Live animals, animal products (-2.06%).
This was offset by footwear, headgear, umbrellas (5.81%), Articles of stone,
plaster, cement, asbestos, Mica and ceramic (3.12%) but were not enough to
result in an increase in the import index.
All commodity group export index (Table 2)
The
All commodity group export index, on average, increased by 1.85% between
January and March 2019. It edged down (-1.27%) in March after rising 3.12% in
February.
The
February increase, compared to January, was driven by Animal and
vegetable fats and oils (4.77%), Products of the chemical and Allied industries
(3.46%) and Mineral products (3.29%) but was offset by Prepared foodstuffs,
beverages, spirits (-5.9%), Live animals; animal products (-7.12%) and
Footwear, headgear, umbrellas (-9.25%).
The
All commodity group export index decreased by -1.27% in March 2019 against the
index recorded in February. The decrease was driven by declining prices for
Textiles and textile articles (-3.92%), Mineral products (-1.40%) and Paper
making material (-1.10%) which more than offset rising prices for Animal and
vegetable fats and oils (5.5%), Raw hides and skins (5.26%) and Wood and
articles of wood (4.69%).
Terms of Trade by commodity (2018 Jan=100) (Table 3)
The
All commodity group terms of trade stood at 98.92 in January, 101.71 in
February and 101.17 in March. This represents an increase of 2.82% in February
(compared to January), and a decrease of -0.5% in March (compared to February).
On average, the terms of trade increased by 2.30% during the quarter. This also
indicates favourable terms of trade. The rise in the terms of trade was driven
by Animal and Vegetable fats and oil (10.7%), wood and articles of wood, wood
charcoal (8.5%), products of the chemical and allied industries (7.8%).
All
Region Group export index (Table 4)
In
March, the All region group export index declined by -1.27%, after rising 3.12%
in February. This implies a cumulative increase in the index by 1.85% between
January and March. The decline observed at the end of the quarter was mainly
due to the falling export prices to Europe (-2.25%) and Africa (-2.18%),
between February and March.
All
Region Group import index (Table 5)
The
all region group import index stood at 102.6 in
January, 102.8 in February and 102.1 in March. This indicates an increase of 0.29% in February against the index recorded in
January and a decrease of- 0.74% in March when compared with the value recorded
in February. overall, between January and March, the All region import index
was relatively stable, declining by only -0.46%.
Terms
of Trade by Country Regions [2018 Jan=100] (Table 6)
During
the quarter, the All Region terms of trade registered 98.9 in January, 101.71
in February and 101.17 in March. These indices show an increase of 2.82% in
February compared with January, and a decrease of -0.52% in March against
February, leading to an aggregate increase in the index by 2.30%. The rise in
the index was a result of stronger trade with Asia and the Americas during the
quarter.
Merchandise Trade with Top Five Partners By Major
Commodities In Q 1 2019 (N’million) (Table 7)
A. INDIA
India
was the largest export market for Nigeria in Q1 2019. Export trade to India
accounted for 16.43% of total exports (or N744.9billion). The largest export
commodity to India was crude oil at a value of N684.0billion. This was followed
by Natural gas, liquefied (N47.1billion), Sesamum seed (N6.0 billion), Urea
(N2.5billion) and others. On the other hand, Nigeria imported motorcycles
valued at N65.3billion, Kerosene Jet fuel worth N15.2billion, other antibiotics
of N9.3billion in value, and other goods from India during the period under
review.
B.
CHINA
In
Q1 2019, Nigeria’s export trade with China was dominated by Natural gas,
liquefied valued at N88.6billion, followed by Crude oil (N38.7billion), Sesamum
seed (N7.0billion) and others. In terms of imports, Machines for reception of
voice, Motorcycles, and Other Machine tools for working stone respectively
worth N49.4billion, N29.97 billion, and N25.50billion were imported from China.
C.
SPAIN
Nigeria’s
major export to Spain in Q1 2019 was Crude oil valued at N395.7 billion. This
was followed closely by Natural gas, liquefied worth N85.8 billion, and Leather
further prepared after tanning valued at N2.9billion. During the quarter, Mixed
alkylbenzenes & mixed alkylanaphthalenes, worth N6.9billion was imported
from Spain. Other imports from Spain were motor spirits (N3.3billion), and
Gypsum; anhydrite whether or not coloured (N2.6billion) among others.
D. FRANCE
In Q1 2019, Nigeria
exported N229.2billion worth of Crude oil to France. Other major export
commodities included Natural gas, liquefied valued at N70.96billion and Parts
for boring or sinking machinery worth N1.1billion. In terms of imports, the
main commodities imported were Motor
spirits, valued at N15.0billion, lubricating oils to be mixed (N3.2billion),
Additives for lubricating oils (N1.5billion) and Malt, not roasted (N1.3billion) amongst
others.
E. THE NETHERLANDS
In Q1 2019, the
largest exported commodity to the Netherlands was crude oil (N366.3billion),
followed by Dredgers (N9.4billion), Other light vessels (N8.1billion), Good
fermented cocoa beans (N5.7billion), and other petroleum gases (N5.4billion).
On the other hand, Motor Spirit valued at N58.3billion, Gas oil valued at
N29.95billion, Herrings (Clupea harengus, Clupea pallasii) valued at
N6.2billion, and Mackerel (N5.0 billion) amongst others were imported from the
Netherlands during the quarter.
Click Here to Download Q1 2019
Commodity Price Indices and Terms Of Trade PDF Report
Latest 2019 NBS Reports
Q2 2019
1.
Average Price
of 1kg of Rice Increased By 1.07% MoM to N361.39 in May 2019 - NBS
2.
Average
Prices of PMS, AGO, HHK and Cooking Gas – May 2019
3.
Headline
Inflation Increases By 11.40% YoY in May 2019; 0.03% Higher Than April 2019
Rate
4.
8.57m Workers
Are Registered Under The Pension Scheme As At Q1 2019 - NBS
5.
Nigeria’s
Merchandise Trade Grew Marginally By 2.50% QoQ in Q1 2019
6.
Banking Sector Records 557.08m
Volume of Transactions in Q1 2019 - NBS
7.
723,995 Passengers Travelled
Via Rail in Q1 2019 - NBS
8.
NBS Publishes Additional 11
States Nominal GDP From 2013 to 2017
9.
N289.04bn Generated as VAT in Q1 2019 - NBS
10. 4.87bn Litres of PMS Imported in Q1 2019 - NBS
11. FAAC
Disburses N617.57bn in April 2019 - NBS
12. Average
Price of 1kg of Tomato Increased by 7.05% MoM to N257.25 in April 2019 - NBS
13. Average
Fare For Bus Journey Intercity Increased By 0.77% MoM to N1604.36 in April 2019
- NBS
14. Nigeria’s
GDP Grew By 2.01% YoY In Real Terms In Q1 2019
15. Headline
Inflation Increases By 11.37% YoY in April 2019; 0.12% Higher Than March 2019
Rate
16. Average
Prices of PMS, AGO, HHK and Cooking Gas – April 2019
17. N3.42m
Students Enrolled in Public Senior Secondary School in 2017 - NBS
18. N324.59bn
Generated as IGR in Q4 2018 - NBS
19. Akwa Ibom State Reports Highest Unemployment Rate of 37.7%
in Q3 2018 - NBS
20. 316,365kg of Drug Seized in 2018 -
NBS
21. Average Price of 1kg of Tomato
Decreased By 6.32% MoM to N240.29 in March 2019 - NBS
22. Average Fare Paid By Commuters
Intercity Increased By 2.85% MoM to N1,592.07 in March 2019 - NBS
23. Headline Inflation Increases By 11.25% YoY in March
2019; 0.06% Lower Than February 2019 Rate
24. Average Prices of PMS, AGO, HHK and Cooking Gas –
March 2019
25. FAAC Disburses N619.86bn in March 2019
26. Domestic Passenger Traffic Grew By 23.19% YoY in 2018
- NBS
27. Lagos State Has The Highest Debt Profile in 2018 -
NBS
28. 1.65m Applications Received By JAMB in 2018 - NBS
29. FAAC Disburses N660.37bn in February 2019
30. Nigeria Produced 55.81m Tonnes of Solid Minerals in
2018 - NBS
Q1 2019
31. 8.41m Workers Are Registered Under The Pension Scheme
As At Q42018 - NBS
32. Average Price of 1kg of Yam Tuber Decreased By -2.24%
MoM to N206.48 in February 2019 - NBS
33. All Region Terms of Trade Fell -2.78% Due to a Fall
in the Prices of Goods Traded in Africa - NBS
34. Average Fare Paid By Commuters Within City Increased
By 1.43% MoM to N177.57 in February 2019 - NBS
35. Headline Inflation Increases By 11.31% YoY in
February 2019; 0.06% Lower Than January 2019 Rate
36. Average Prices of PMS, AGO, HHK and Cooking Gas –
February 2019
37. Active Voice Subscribers Grew By 6.66% in Q4 2018 -
NBS
38. 2,532 Road Traffic Crashes Occurred in Q4 2018 - NBS
39. Total Trade Declined By 5.1% QoQ in Q4 2018; Rose By
42.9% YoY
40. GDP By Income and Expenditure Approach Q1 and Q2 2018
- Household Final Consumption Grew by 0.78%
41. 1.67m Customers Metered As At Q4 2018 - NBS
42. N298.01bn Generated as VAT in Q4 2018 - NBS
43. Total Value of Credit Allocated By Banks Stood At
N15.13trn As At Q4 2018 - NBS
44. Average Price of 1kg of Tomato Decreased By 2.39% YoY To
N265.49 in January 2019 - NBS
45. FAAC Disburses N649.19bn in January 2019
46. Average Intercity Bus Fare Decreased By -13.90% MoM
To N1,541.38 in January 2019
47. Headline Inflation Increases By 11.37% YoY in January
2019; 0.07% Lower Than December 2018 Rate
48. Average Prices of PMS, AGO, HHK and Cooking Gas –
January 2019
49. Total Value of Capital Importation into Nigeria Stood
at $16,812.47m in 2018 – NBS
50. Nigeria’s GDP Grew By 2.38% YoY in Real Terms in Q4
2018 and 1.93% in Full Year
51. 828,502 Employees Employed By 1,110 Registered
Private Guard Companies in 2018 - NBS
52. States Generate N264.38bn as IGR in Q3 2018 - NBS
53. NBS Publishes Drug Use in Nigeria 2018 Survey Report
54. FAAC Disburses N3.19trn To FG in 2018 - NBS
55. FAAC Disburses N2.38trn To FG in 2017 - NBS
56. FAAC Disburses N812.76bn in December 2018 - NBS
57. Average Price of 1kg of Tomato Decreased By -7.76%
MoM To N294.36
58. Average Within City Bus Journey Fare Decreased By
-5.64% MoM To N181.61
59. Headline Inflation Increases By 11.44% YoY in
December 2018; 0.16% Higher Than November 2018 Rate
60. Average Prices of PMS, AGO, HHK and Cooking Gas –
December 2018