Nigeria Economy | |
Nigeria Economy | |
4915 VIEWS | |
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Monday, December 31 2018 / 06:30 PM / NBS
Highlights:
Between July and September 2018 (Jan 2018=100):
In Q3 2018, Nigeria’s top five trading partner
countries were India, China, Spain, France and the Netherlands.
Terms Of Trade
The
terms of trade (TOT) represent 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. The terms of trade
for Nigeria is calculated as the value of total exports as percent of the value
of total 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. The TOT, which is recorded as an index,
can be used as an indicator of the health of an economy.
Commodity Price Index July To September, 2018
1. All commodity group import index (Table 1)
The
All commodity group import index grew by 7.5% in the year to July, 2018
.The main drivers to this growth were Vegetable products (5.7%), Prepared
foodstuffs (4.7%), Pearls, precious and semi precious stone (4.2%) and Articles
of stone, plaster, cement, asbestos, mica, ceramic (3.9%). Between July and
August, this index fell by 0.11% between July and August. Similarly, a decrease
of 1.65% occurred between August and September. In Q3 2018, the all commodity
group import price index decreased by 1.76%.
The
All commodity group import index declined by 0.11% in between July and August,
2018
The
main drivers to month –on-month changes were: rising Base metals and articles
of Base metals (+2.2%), wood and articles of wood (+1.68%) offset mainly by
falling vegetable products (-2.1%) ,Prepared foodstuffs ( -1.68%) and foot
wear, headgear etc (-1.57%).
In
September, month –on- month percentage changes were driven by animal and
vegetable fats (+3.58%), prepared foodstuffs (+3.56%), Mineral products
(+3.12%) and offset mainly by Raw hides and skin ( -1.2%), vegetable products
(-1.6%) and Base metals(-3.02%)
2.
All commodity group export index (Table 2)
The
All commodity group export index rose 0.2% in August and 1.08% in September,
2018. During the quarter under review, the index recorded an increase of 1.26%
and this was driven mainly by prepared foodstuffs (+15.1%) and foot wear, head
gear (+16.1%)
In August, products that contributed the most to the monthly percentage change were prepared foodstuffs (+16.6%), Wood and articles of wood (+5.51), Foot wear, headgear, Umbrellas (+4.38%) and Miscellaneous manufactured (+3.89) offset by Paper making materials (-17.11%), Vehicles air craft and parts (-8.3%) and Animals and vegetable fats and oil (-6.7%)
In
September, 2018, the products that contributed to the monthly changes were
footwear, headgear, Umbrellas (+11.7%), Animals and vegetable fats and oils
(+7.3%), mineral products (+5.9%), Raw hides and skins, leather (+4.29%) and
vehicles, aircraft and parts (+3.6%)
Offset
by Miscellaneous manufactured articles (-5.7%), Vegetable products (+4.67%),
Prepared foodstuffs (-1.1%) and plastic, rubber and articles (-1.08 %).
3.
Terms of Trade by commodity (2018 Jan=100) (Table 3)
Nigeria’s all products terms of trade (TOT) indices for July, August and September 2018 stood at 98.85, 99.64 and 99.37, respectively indicating that more exports was required to procure the same level of imports in the months under review. Computed statistics show that the product groups that contributed most to the trade positions in these months were prepared foodstuffs and paper making materials.
4.
All Region Group export index (Table 4)
The
all region group export index stood at 103.3 in July and 107.2 in August. This
shows an increase of 3.77% between the two months. However, in September, the
index declined by 2.72% against the value recorded in August.
5.
All Region Group import index (Table 5)
The
all region group import index stood at 103.4 in July, 101.5 in August and 104.6
in September. This indicates decrease of 1.78% in August against the index
recorded in July and an increase of 3% in September against the level in
August.
6. Terms of Trade by Country (Regions) [2018 Jan=100] (Table 6)
The
all region terms of trade stood at 99.9 in July and 105.6 in August, indicating
a growth of 5.65%. However, this was reversed in September as the index
declined by 5.56% against the level recorded in August, to 99.7.
7. Merchandise Trade By Top Five Partners By Major
Commodities In Q3,2018 (N’million) (Table 7)
In Q3 2018, Nigeria’s top five trading partner countries
were India, China, Spain, France and the Netherlands.
A.
INDIA
The major export of Nigeria to India during the quarter was Petroleum oils and oils obtained from bituminous minerals, crude valued at N719.2billion.This was followed by Natural gas, liquefied (N37.7billion), Cashew nuts, in shell (N4.7billion), Unwrought lead (excl. refined and containing antimony) (N0.7billion) and Leather further prepared after tanning/crusting without wool on of goats or kids(N 0.3billion). On the import side, Nigeria imported motorcycles and cycles at N29.2 billion, Other antibiotics valued at N7.0 billion, Machines for cleaning/sorting/grading seed, grain or dried vegetables (N 3.6billion), Knitted or crocheted Treated mosquito nets (N 3.4 billion).
B. CHINA
The
major export of Nigeria to China during the quarter was Petroleum oils and oils
obtained from bituminous minerals, crude valued at N24.5billion. This was
followed by Natural gas, liquefied N20.0billion, Butanes, liquefied valued at
N13.6b, Propane, liquefied worth N9.5billion and Other petroleum gases etc in
gaseous state N 5.5billion.
In terms of imports, Nigeria imported Amorphous PET chips worth N 14.6billion, Other Herbicides, antisprouting products valued at N14.0billion, motorcycles and cycles N12.0 billion, Chassis fitted with engines for assembly plants, worth N 10.6billion and Flat/hotrolled iron/steel,in coils, worth N10.0 billion
C.
SPAIN
Crude
petroleum oils and oils obtained from bituminous minerals valued at
N463.1billion was exported to Spain during the third quarter of 2018. Liquefied
natural gas worth N 52.7billion, leather (further
prepared after tanning/crusting without wool on of goats or kids) valued at N
4.3billion, technically specified natural rubber, in primary forms or in
plates, etc worth N 0.59 billion and Cocoa paste, wholly or partly defatted
valued at N 0.37 billion were other major exports to Spain. The major imports
from Spain were ordinary motor Spirit (N25.7billion), Petroleum bitumen (N3.7
billion), Mixed alkylbenzenes & mixed alkylanaphthalenes (N 3.4billion), Gypsum; anhydrite whether
or not coloured, with/without small quantities of accelerators (N1.1 billion)
and Mixtures of odoriferous substances used for other industries (N0.4
billion).
D. FRANCE
The major commodities exported to France were crude petroleum oils and oils obtained from bituminous minerals worth N 422.5 billion, Natural gas, liquefied (N74.2billion), Soyabean crude oil,whether or not degummed (N1.1 billion), technically specified natural rubber, in primary forms or in plates, etc (N 0.9billion) and Oil-cake and other solid residues resulting from the extraction of soya bean oil (N0.7billion).
On the imports side, ordinary motor spirit, other
flexible tubing of base metal, with or without fittings, Lubricating oils to be
mixed , Machinery for filling,closing, capsuling, labelling, etc machinery for
aerating beverages, Other lubricating oils worth N54.6billion, N16.1billion,
N3.5billion, N2.9billion and N2.0 billion respectively were the major imports
from France.
E.
NETHERLANDS
As with the other countries, crude petroleum oils and oils obtained from bituminous minerals was the major export to the Netherlands, at a value of N260.7 billion. Other major exports were Other petroleum gases etc in gaseous state (N 5.6billion), Superior quality raw cocoa beans (N 2.9billion), Other Frozen shrimps and prawns (N 1.9billion) and Polyethylene having a specific gravity >=0.94, in primary forms (N 1.5billion). On the other hand, Nigeria imported Motor Spirit ordinary worth N337.2billion, Gas Oil N48.2billion, Other instruments and apparatus, nes, for medical, surgical sciences N36.7billion, Other antibiotics worth N9.5billion and Herrings (Clupea harengus, Clupea pallasii) worth N 4.1billion.
Click
Here to Download Q3 2018 Commodity Price Index and Terms of Trade PDF Report
Latest 2018 NBS Reports
Q4 2018
1. FAAC
Disburses N788.14bn in November 2018 - NBS
2. Average
Price of 1kg of Tomato Increased By 2.79% YoY to N294.36 in November 2018 - NBS
3. Average
Intercity Fare Decreased By -1.54% MoM to N1790.14 in November 2018 - NBS
4. Average
Prices of PMS, AGO, HHK and Cooking Gas – November 2018
5. Unemployment
Rate Rises to 23.1% in Q3 2018 from 18.8% in Q3 2017
6. Headline Inflation Increases By 11.28% YoY in November
2018; 0.02% Higher Than October 2018 Rate
7. Total Value of Capital Imported Into Nigeria Stood At
$2,855.21m in Q3 2018
8. Nigeria’s Merchandise Trade Rose Significantly in Q3,
2018
9. Nigeria’s GDP Grew By 1.81% YoY in Real Terms in Q3
2018 From 1.50% in Q2 2018
10. An Average of 78,917MWh of Power Generated in Q3 2018
- NBS
11. Banking Sector Records 5.29bn Volume of Transactions
in Q3 2018 - NBS
12. 4.37bn Litres of PMS Imported into Nigeria in Q3 2018
- NBS
13. States Generate N579.49bn as IGR in H1 2018 - NBS
14. FAAC Disburses N741.84bn in September 2018 - NBS
15. Average Intercity Bus Fare Increased By 0.24% MoM - NBS
16. Average Prices of PMS, AGO, HHK and Cooking Gas – October
2018
17. Headline Inflation Moderates To 11.26% (YoY) in October
2018; 2bps Lower Than September 2018
18. NBS Publishes 11 States Nominal GDP from 2013 to 2017
19. Average Price of 1kg of Yam Tuber Decreased by 4.3%
MoM to N280.28 in September 2018 - NBS
20. Average Airfare Paid by Passengers Increased by 0.15% MoM
to N32,378.92 - NBS
21. Headline Inflation Increased by 11.28% in September
2018; 0.05 Higher Than August 2018 Rate
22. Average Prices of PMS, AGO, HHK and Cooking Gas –
September 2018
23. NBS Publishes 2016 Human Development Indices for UNDP
Nigeria Human Development Report
Q3 2018
1. 730,289 Passengers Travelled via Rail in Q2 2018 - NBS
2. All Region Terms of Trade Index Rose by 9% Driven by
Mineral Products - NBS
3. FAAC Disburses N714.81bn in August 2018 - NBS
4. Lagos State Accounts for 34.17% of Foreign Debt As At June
2018 - NBS
5. Average Price of 1kg of Rice Decreased by 2.43% MoM to
N375.02 in August 2018 - NBS
6. Average Fare Paid by Commuters For Bus Journey Within City
Increased by 9.80% MoM in Aug 2018 - NBS
7. Headline Inflation Increased by 11.23% in August 2018;
0.09 Higher Than July 2018 Rate
8. Average
Prices of PMS, AGO, HHK and Cooking Gas – August 2018
9. Active Voice Subscribers Increased by 0.09% in Q2 2018 -
NBS
10. 7.50m Passengers Passed Through Nigerian Airports in H1
2018
11. Merchandise Trade Declines in Q2 2018: -8.89% Contraction
from Q1 2018 Trade Figure
12. Average of 81,561MWh of Energy Generated Daily in Q2 2018
- NBS
13. 8.13m Workers Are Registered Under The Pension Scheme As
At Q2 2018 - NBS
14. 2608 Road Traffic Crashes Occurred in Q2 2018 - NBS
15. Nigeria’s GDP Grew by 1.50% YoY in Real Terms in Q2 2018
16. 165.71mln Litres of Liquefied Petroleum Gas Imported into
Nigeria in Q2 2018
17. Total Value of Capital Importation into Nigeria Stood at
$5,513.55m in Q2 2018 - NBS
18. Banking Sector Records 509.67m Volume of Transactions in
Q2 2018 - NBS
19. Average
Fare Paid by Commuters for Bus Journey Intercity Increased by 0.30% MoM to
N1,733.33 in July
20. Average
Price of 1kg of Yam Tuber Decreased by 1.75% MoM to N280.83 in July 2018 - NBS
21. Headline Inflation Drops to 11.14% in July 2018; 0.09% Lower Than June
2018 Rate
22. Average Prices of PMS, AGO, HHK and Cooking Gas – July 2018
23. FAAC Disburses N821.86bn in July 2018 – NBS
24. FAAC Disburses N668.90bn in June 2018 – NBS
25. 4.79bn Litres of PMS Imported into Nigeria in Q2 2018 - NBS
26. 6,999 Products Were Presented for Registration Approval in 2017 - NBS
27. Nigeria Produced 45.74m Tons of Solid Minerals in 2017 - NBS
28. 147,823 Domestic Passengers Moved by 41 Private Jet Operators in 2017 -
NBS
29. Average of 92,747MWh of Energy Generated Daily in Q1 2018
30. GDP By Income and Expenditure Approach 2017 - Household Final Consumption
Fell by -0.99% in 2017
Q2 2018
31. Average Price
of 1kg of Yam Tuber Increased MoM by 4.93% to N305.70 - NBS
32. Average Intracity Transport Fare Increased MoM by
1.53% to N168.90 - NBS
33. Average Prices of PMS, AGO, HHK and Cooking Gas –
June 2018
34. Headline Inflation Drops to 11.23% in June 2018;
0.37% Lower Than May 2018 Rate
35. 134,663 Crime Cases Were Reported in 2017 - NBS
36. FAAC Disburses N701.02bn in May 2018 - NBS
37. Average Prices of 1kg of Tomato Increased MoM by
6.10% to N307.14 in May 2018 - NBS
38. Average Water Transport Fare Increased By 0.57% MoM
in May 2018 - NBS
39. Headline Inflation Drops to 11.61% in May 2018; 0.87%
Lower Than April 2018 Rate
40. Average Prices of PMS, AGO, HHK and Cooking Gas – May
2018
41. Merchandise Trade in Both Directions Grew
Significantly in Q1 2018
42. 7.98m Workers Are Registered Under The Pension Scheme
as at Q1 2018 - NBS
43. 5.67bn Litres of PMS Imported in Q1 2018 - NBS
44. FAAC Disburses N638.09bn in April 2018 - NBS
45. 2,482 Road Traffic Crashes Occurred in Q1 2018 - NBS
46. Nigeria’s GDP Grew in Real Terms by 1.95% in Q1 2018
47. N269.79bn Generated as VAT in Q1 2018 - NBS
48. Average Price of 1kg of Tomato Increased by 8.38% MoM in
April 2018 - NBS
49. Average Fare for Bus Journey Within City Increased by
3.88% MoM in April 2018 - NBS
50. Headline Inflation Drops to 12.48% in April 2018;
0.86% Lower Than March 2018 Rate
51. Average Prices of PMS, AGO, HHK and Cooking Gas –
April 2018
52. Total Value of Capital Imported in Q1 2018 Stood at
$6,303.63m - NBS
53. Banking Sector Records 457.23m Volume of Transactions
in Q1 2018 - NBS
54. FAAC Disburses N647.39bn in March 2018 –NBS
55. 720,958 Passport Applications Received in 2017 - NBS
56. 309,713kg of Drug Seized in 2017 - NBS
57. Average Intercity Bus Fare Decreased by -5.63% MoM in
March 2018
58. Average Price of Tomato Decreased by -0.58% YoY in
March 2018
59. Headline Inflation Drops to 13.34% in March 2018;
0.99% Lower Than February 2018 Rate
60. Average Prices of PMS, AGO, HHK and Cooking Gas –
March 2018
61.
Updated 2017 IGR Report – Osun State Grows IGR by
32.04% in FY 2017
Q1 2018
1. FAAC Disburses N635.55bn in February 2018 - NBS
2.
Lagos State Has The Highest Domestic and Foreign
Debts as at December 2017 - NBS
3. States Generate N931.23bn as IGR in 2017 - NBS
4.
Average Air Fare Increased by 1.47% MoM in February
2018 - NBS
5. Average Price of 1kg of Yam Tuber Increased by 7.10%
YoY in February 2018 - NBS
6. Headline Inflation Drops to 14.33% in February 2018;
0.8% Lower Than January 2018 Rate
7. Average Prices of PMS, AGO, HHK and Cooking Gas –
February 2018
8. Lagos, Abuja, Port Harcourt, Owerri and Kano Airports
Served Over 92% of Total Passengers in Q4 2017
9. 4,175 Ocean Going Vessels Recorded at Nigerian Ports
in 2017
10. Total Value of Capital Imported into Nigeria in Q4
2017 Estimated at $5,382.89m - NBS
11. Nigeria’s GDP Grows in Real Terms by 1.92% in Q4 and
0.83% for Full Year 2017
12. FAAC Disburses N655.18bn in January 2018 – NBS
13. N254.10bn Generated as VAT in Q4 2017 – NBS
14. Total Active Voice Subscription Increased by 3.69% in
Q4 2017 – NBS
15. 18.36bn Litres of PMS Distributed State-wide in 2017
– NBS
16. 5.84m Students Enrolled in Junior Secondary Schools
in 2016 - NBS
17. 2,489 Road Traffic Crashes Occurred in Q4 2017 - NBS
18. Average Air Fare Increased by 7.34% YoY in January
2018 - NBS
19. Headline Inflation Drops to 15.13% in January 2018;
0.24% Lower Than 15.37% December Rate
20. Average Prices of PMS, AGO, HHK and Cooking Gas –
January 2018
21. 7.82m Workers Are Registered Under the Pension Scheme
as at Q4 2017 - NBS
22. Daily Energy Generation Attained a Peak of 94,627MWh
in Q4 2017 - NBS
23. Banking Sector Records 461.98m Volume of Transactions
in Q4 2017 - NBS
24. 77.5m Persons Engaged in Some Sort of Economic
Activities in Q3 2017 - NBS
25. Average Fare Paid by Passengers for Water Transport
Increased by 6.05% MoM to N631.55 in Dec 2017
26. Average Price of 1kg of Yam Tuber Decreased by -3.67% YoY
to N211.61 in December 2017 - NBS
27. Headline Inflation Drops to 15.37% in December 2017;
0.53% Lower Than 15.90% November Rate
28. Average Prices of PMS, AGO, HHK and Cooking Gas – December
2017
29. Active Voice Subscribers Dropped by 8.73% in Q3 2017 – NBS
30. Inequality in Nigeria Worsened Between 2004 and 2013
But Improved in 2016 – NBS