Nigeria Economy | |
Nigeria Economy | |
3494 VIEWS | |
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Wednesday, September 26, 2018 / 03:48 PM / NBS
Highlights
Between January and June 2018
In Q2 2018, Nigeria’s top five trading partner countries were Belgium,
China, Spain, the Netherlands and India.
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 are calculated as the value of its exports as percent 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 June 2018
1. All commodity group import index (Table 1)
The All commodity
group import index rose by 1.0% in February but fell by 1.3% in March. In
April, the index recorded a rise of 2.5%. Average commodity prices were 0.01%
higher in June,2018 compared with May
The main
contributors to the month-on-month changes in February were footwear (10.6%),
Miscellaneous manufactured articles (9.6%), Vehicles, aircraft and parts
(7.9%), animal and vegetable fats and oil (5.7%). This was offset by fall in
raw hides and skin (1.2%), Wood and articles of wood, wood charcoal and
articles (2%), Plastic, rubber and articles (2.1%) and Paper making material;
paper and paperboard, articles (2.5%).
In March,
month-on-month percentage changes were driven by Pearls, precious and
semi-precious stones, precious metals (40.5%), Wood and articles of wood, wood
charcoal and articles (6.7%), Paper making material; paper and paperboard,
articles (6.6%), Textiles and textile articles (5.4%) but offset by fall in
Animal and vegetable fats and oils and other cleavage (1.5%), Live animals;
animal products (2,8%), Mineral products (5.6%) and prepared food stuff (9.9%).
In April,
month-on-month percentage changes were driven by Prepared foodstuffs;
beverages, spirits and vinegar; tobacco (10.3%), Mineral products (6.0%), Raw
hides and skins, leather, furskins etc.; saddlery (5.8%), Vegetable products
(3.7%). This was offset by fall in textiles and textile articles (4.6%), Animal
and vegetable fats and oils and other cleavage (5.6%), Vehicles, aircraft and
parts thereof; vessel (6.6%) and Footwear, headgear, umbrellas, sunshades,
whips etc (7.6%).
The month –on- month change in May was driven by Live animals; animal products (7.3%), Animal and vegetable fats and oils and other cleavage (2.4%). The increase was however offset by decline in Wood and articles of wood, wood charcoal and articles (1.8%) and Raw hides and skins, leather, furskins etc.; saddlery (2.5%)
The June monthly
change was driven by raw hides and skin (1.6%), Miscellaneous manufactured
articles (1.6%), wood and articles of wood (1.4%). This was offset by fall in
live animals, animal products (3.3) and vegetable products (10.8%)
2. All commodity group export index (Table 2)
The All commodity
group export index rose 6.7% in February and advanced 0.1% in March. The index
fell 3.9% in April, rose 10% in May but decreased by 1.7% in June.
In February,
products that contributed the most to the monthly percentage change were
Vehicles, aircraft and parts (19.5%), Miscellaneous manufactured products
(17.3%), Base metals and articles (15.3%),live animals , animal products 10.8%.
Products that contributed negatively were Articles of stone, Plaster (1.2%),
Paper making materials (1.3%) and prepared foodstuff (3.8%).
The March
month-on-month percentage changes (Export) were driven mainly by Wood and
articles of wood, wood charcoal and articles (7.2%) Products of the chemical
and allied industries (7.1%), Animal and vegetable fats and oils and other
cleavage prod (6.3%) but offset by Prepared foodstuffs; beverages, spirits and
vinegar; tobacco (15.1%) and Base metals and articles of base metals (23.6%).
The monthly
percentage changes in April were driven by prepared foodstuff and breverages
(22.9%), Base metals and articles of base metals (18.1%), Vegetable products
(16.1%). They were offset by vehicles, aircraft and parts (15.7%), Animal and
vegetable fats and oils and other cleavage (10.6%) and Wood and articles of
wood, wood charcoal and articles (8.6%).
The main
contributors to the month-on-month changes for May exports were Mineral
products (10.5%), footwear, head gear (7%) wood and articles of wood
(4.4%)offset by miscellaneous manufactured products (10.6%) ,vegetable products
(4.5%) and products of allied and chemical industries (4.1%).
The June
month-on-month percentage changes were driven by Animal and
vegetable fats and oils and other cleavage prod (8.7%) Miscellaneous
manufactured articles (6.1%) and Base metals and articles of base metals
(1.7%) offset by Footwear, headgear, umbrellas, sunshades, whips etc (4%)
and Vegetable products (3.6%)
3. Terms of Trade
by commodity (2018 Jan=100) (Table 3)
Nigeria’s all
products terms of trade (TOT) indices for April, May and June 2018 stood at
100.5, 111.1 and 109.2, respectively. These indices showed favorable TOT for
all the months of the second quarter, indicating that Nigeria used 0.5, 11.1
and 9.05 percent less of her exports to procure the same level of imports in
the months under review. Computed statistics showed that the product groups
that contributed most to the positive trade positions during the review period
were Mineral products, Wood and articles of wood, wood charcoal and articles,
Live animals; animal products, and Vegetable products.
4. All Region
Group export index (Table 4)
The All region
group export index recorded an increase of 2.3% in February, a decline of 1.3%
in March and an increase of 3.9% in April. The index reversed with a decrease
of 0.3% in May but increased again in June by 1.4%.
5. All Region
Group import index (Table 5)
The All region
group import index rose by 1.0% in February and 6.3% in March 2018. The index
declined 10.6% in April, rose in May by 2.3% but fell 0.4% in June.
6. Terms of Trade
by Country (Regions) [2018 Jan=100] (Table 6)
The all region terms of trade rose 1.2 percent in February and fell 4.8
percent in March. In April, TOT increased 16.1 percent, fell 2.4 percent in May
and ended the first half of 2018 by going up 1.7 percent in June.
7. Merchandise Trade By Top Five Partners By Major Commodities In Q
2,2018 (N’million) (Table 7)
In Q2 2018, Nigeria’s top five trading partner countries were Belgium,
China, Spain, the Netherlands and India.
a. BELGIUM
The major export of Nigeria to Belgium during the quarter was other petroleum gases valued at N11.7billion.This was followed by good fermented cocoa beans (N474m), frozen shrimps (N453.5m) and other meals and pellets of crutacean (N53.9m).On the import side, Nigeria imported motor spirit worth N117.6billion, Gas oil valued at N20.6billion, malt (N4.1billion), polyethylene (N2.0billion) and other polyethers (N1.6 billion) from Belgium.
b. CHINA
The major export of Nigeria to China during the quarter was natural liquefied gas valued at N23.6billion. This was followed by propane worth N3.5billion, Butane valued at N3.4b, Sesamum seed worth N3.4billion and other liquefied petroleum gases worth N3.2billion. In terms of imports, Nigeria imported other Herbicides worth N31billion, Motor cycles valued at N12.9billion, Amorphous pet chips at N12.3illion, Reception appliances worth N10.5billion and other Machinery parts worth N10.3 billion from China.
c. SPAIN
Crude petroleum oils and oils obtained from bituminous minerals valued at N372.9billion was exported to Spain during the second quarter of 2018. Liquefied natural gas worth N49.3 billion, leather (further prepared after tanning/crusting without wool on of goats or kids) valued at N2.6billion, natural rubber (in primary forms or in plates) worth N410million and fermented Nigerian cocoa beans valued at N256million were other major exports to Spain. The major imports from Spain were ordinary motor Spirit (N18 billion), Petroleum bitumen (N8 billion), Mixed alkylbenzenes &mixed alkylanaphthalenes (N7.5billion), Gypsum; anhydrite whether or not coloured, with/without small quantities of accelerators (N2.3 billion) and Other machinery for earth, stone, ores (N1.3 billion)
d. THE
NETHERLANDS
The major commodities exported to the
Netherlands were crude petroleum oils and oils obtained from bituminous
minerals worth N421.3 billion, Other petroleum gases etc in gaseous state
(N17.5 billion), Naphthalene (N9.2 billion), Superior quality raw cocoa beans
(N3.2billion) and fermented Nigerian cocoa beans (N2billion). On the imports
side, ordinary motor spirit, Gas Oil , blue whitings, Herrings (Clupea
harengus, Clupea pallasii), and milk & cream in powder specially made for
infants, worth N98.2billion, N38.7billion, N7.1 billion,N2.7billion and N2.3
billion respectively were the major imports from the Netherlands. |
e. INDIA
As with the other countries, crude petroleum oils and oils obtained from bituminous minerals was the major export to India, at a value of N635.2 billion. Other major exports were liquefied natural gas (N72.9billion), Cashew nuts, in shell (N10billion), Leather (N667million) and Unwrought lead (N468.7million). On the other hand, Nigeria imported motorcycles and cycles worth N26.8billion, Tubes, pipes, hollow profiles of iron worth N6.6billion, Other machinery parts of N6.6billion, Other paper and paperboard weighing 40g/m2 worth N2.7billion and Medicaments of other antibiotics worth N2.4 billion.
Click Here to Download Q2 2018 Commodity Price Index and Terms of Trade PDF Report
Latest 2018 NBS Reports
Q3 2018
1. FAAC Disburses N714.81bn in August 2018
- NBS
2. Lagos State Accounts for 34.17% of
Foreign Debt As At June 2018 - NBS
3. Average Price of 1kg of Rice Decreased by 2.43%
MoM to N375.02 in August 2018 - NBS
4. Average Fare Paid by Commuters For Bus Journey
Within City Increased by 9.80% MoM in Aug 2018 - NBS
5. Headline Inflation Increased by 11.23% in
August 2018; 0.09 Higher Than July 2018 Rate
6. Average Prices of PMS, AGO, HHK and Cooking Gas – August 2018
7. Active Voice Subscribers Increased by 0.09% in
Q2 2018 - NBS
8. 7.50m Passengers Passed Through Nigerian
Airports in H1 2018
9. Merchandise Trade
Declines in Q2 2018: -8.89% Contraction from Q1 2018 Trade Figure
10. Average of 81,561MWh of
Energy Generated Daily in Q2 2018 - NBS
11. 8.13m Workers Are Registered
Under The Pension Scheme As At Q2 2018 - NBS
12. 2608 Road Traffic
Crashes Occurred in Q2 2018 - NBS
13. Nigeria’s GDP Grew by
1.50% YoY in Real Terms in Q2 2018
14. 165.71mln Litres of
Liquefied Petroleum Gas Imported into Nigeria in Q2 2018
15. Total Value of Capital
Importation into Nigeria Stood at $5,513.55m in Q2 2018 - NBS
16. Banking Sector Records
509.67m Volume of Transactions in Q2 2018 - NBS
17. Average Fare Paid by Commuters for Bus
Journey Intercity Increased by 0.30% MoM to N1,733.33 in July
18. Average Price of 1kg of Yam Tuber
Decreased by 1.75% MoM to N280.83 in July 2018 - NBS
19. Headline Inflation Drops to 11.14% in
July 2018; 0.09% Lower Than June 2018 Rate
20. Average Prices of PMS, AGO, HHK and
Cooking Gas – July 2018
21. FAAC Disburses N821.86bn in July 2018
– NBS
22. FAAC Disburses N668.90bn in June 2018
– NBS
23. 4.79bn Litres of PMS Imported into
Nigeria in Q2 2018 - NBS
24. 6,999 Products Were Presented for
Registration Approval in 2017 - NBS
25. Nigeria Produced 45.74m Tons of Solid
Minerals in 2017 - NBS
26. 147,823 Domestic Passengers Moved by
41 Private Jet Operators in 2017 - NBS
27. Average of 92,747MWh of Energy
Generated Daily in Q1 2018
28. GDP By Income and Expenditure Approach
2017 - Household Final Consumption Fell by -0.99% in 2017
Q2 2018
29. Average Price of 1kg of Yam Tuber Increased MoM by
4.93% to N305.70 - NBS
30. Average
Intracity Transport Fare Increased MoM by 1.53% to N168.90 - NBS
31.
Average
Prices of PMS, AGO, HHK and Cooking Gas – June 2018
32. Headline
Inflation Drops to 11.23% in June 2018; 0.37% Lower Than May 2018 Rate
33. 134,663
Crime Cases Were Reported in 2017 - NBS
34. FAAC
Disburses N701.02bn in May 2018 - NBS
35. Average
Prices of 1kg of Tomato Increased MoM by 6.10% to N307.14 in May 2018 - NBS
36. Average
Water Transport Fare Increased By 0.57% MoM in May 2018 - NBS
37. Headline
Inflation Drops to 11.61% in May 2018; 0.87% Lower Than April 2018 Rate
38. Average
Prices of PMS, AGO, HHK and Cooking Gas – May 2018
39. Merchandise
Trade in Both Directions Grew Significantly in Q1 2018
40. 7.98m
Workers Are Registered Under The Pension Scheme as at Q1 2018 - NBS
41. 5.67bn Litres of PMS
Imported in Q1 2018 - NBS
42. FAAC
Disburses N638.09bn in April 2018 - NBS
43. 2,482 Road
Traffic Crashes Occurred in Q1 2018 - NBS
44. Nigeria’s GDP Grew in Real
Terms by 1.95% in Q1 2018
45. N269.79bn
Generated as VAT in Q1 2018 - NBS
46. Average Price of 1kg of
Tomato Increased by 8.38% MoM in April 2018 - NBS
47. Average Fare for Bus
Journey Within City Increased by 3.88% MoM in April 2018 - NBS
48. Headline
Inflation Drops to 12.48% in April 2018; 0.86% Lower Than March 2018 Rate
49. Average
Prices of PMS, AGO, HHK and Cooking Gas – April 2018
50. Total
Value of Capital Imported in Q1 2018 Stood at $6,303.63m - NBS
51. Banking
Sector Records 457.23m Volume of Transactions in Q1 2018 - NBS
52. FAAC
Disburses N647.39bn in March 2018 –NBS
53. 720,958
Passport Applications Received in 2017 - NBS
54. 309,713kg of Drug Seized in
2017 - NBS
55. Average
Intercity Bus Fare Decreased by -5.63% MoM in March 2018
56. Average
Price of Tomato Decreased by -0.58% YoY in March 2018
57. Headline
Inflation Drops to 13.34% in March 2018; 0.99% Lower Than February 2018 Rate
58. Average
Prices of PMS, AGO, HHK and Cooking Gas – March 2018
59. 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
31.
FAAC
Disburses N609.96bn in December 2017 – NBS