Nigeria’s Merchandise Trade Rose Significantly in Q3, 2018

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Monday, December 10 2018 / 05:00 PM / NBS   

 

Key Highlight

 

Imports:

ü  Total imports of N 4,172.3 in Q3,2018 was 73.8 % higher than Q2,2018 due to importation of submersible drilling platforms in August which was quite expensive and of course occasional importation. In the same way, there was a rise of 67.7% when compared with the import value of the corresponding quarter in 2017.

ü  Value of imported Agriculture products in Q3,2018 was 0.1% lower than the value recorded in Q2 and 3.10% lower than Q3, 2017

ü  Value of Raw material imports was 11.67% more than Q2, 2018 and 2.19% higher than the value in Q3, 2017

ü  Solid minerals imports in Q3, 2018 increased by 0.83% compared to Q2, 2018 and 20.2%% more than Q3, 2017

ü  Energy goods import in Q3, 2018 was 90.4% lower than Q2, 2018 and compared to Q3, 2017, a decrease of 28.55% was recorded.

ü  Manufactured goods import value was 122.97% in Q3, 2018 more than in Q2, and 116.08% higher than the level recorded in Q3, 2017.

ü  Other oil products, import value was 41.03% more than Q2, 2018 and 36.9% more than Q3, 2017

 

Exports:

Total exports value stood at N4,853.6 billion in Q3, 2018 representing an increase of 7.8% over Q2, 2018 and 35.7% increase over Q3, 2017

ü  Agriculture goods export value in Q3, 2018 was 47.2% lower than Q2, 2018 and 57.18 % higher than Q3, 2017

ü  Raw material exports value increase by 1.63% in Q3, 2018 against the level in Q2, and 21.7% against Q3, 2017.

ü  Solid minerals exports value in Q3, 2018 decreased by 51.9% compared to Q2, 2018 and 37.1% against Q3, 2017.

ü  Energy goods, exports value in Q3, 2018 was 6.04% lower than Q2 and 31.4% higher than Q3, 2017.

ü  Manufactured goods exports were 5.9% lower than Q2, 2018 but 52.2% higher than Q3, 2017.

ü  Crude oil exports in Q3, 2018 was 10.03% more than the value recorded in Q2, 2018 and 39.5% higher than the value recorded in Q3, 2017.

ü  Other oil products export in Q3, 2018 was 5.3% more in value than Q2, 2018 and 12.68% higher than Q3, 2017.

 

Major Export Trading Partners and % share to Q3, 2018 Export Trade.

ü  India                           15.76%

ü  Spain                          10.76%

ü  France                        10.31%

ü  South Africa              6.91%

ü  Netherlands              5.69%

 

Major Import Trading Partners and % Share to Q3, 2018 Import Trade

ü  Korea, South             29.11%

ü  China                          14.17%

ü  Netherlands              11.58%

ü  Belgium                     6.99%

ü  United States            5.37%

 

Major Trade Agricultural Products.

ü  Cashew nuts, in shell

 

ü  Sesamum seeds, whether or not broken

ü  Superior quality raw cocoa beans

ü  Other frozen Shrimps and prawns

ü  Natural Cocoa butter

ü  Good fermented Nigerian Cocoa beans

 

Overview

Nigeria’s external trade totaled N9,025.97 billion during the third quarter of 2018.Compared to the value of N6,903.7 billion recorded against the second quarter, a rise of N 2,122.28billion or 30.7% was indicated. The total export component of this trade was recorded N4,853.6 billion, representing increase of 7.8% over Q2, 2018 and 35.7% over Q3, 2017.The import component stood at N 4,172.3 in Q3,2018 showing 73.8 % higher than Q2,2018. This was due to importation of submersible drilling platforms in August which was quite expensive and of course occasional importation. In the same way, there was a rise of 67.7% when compared with the import value of the corresponding quarter in 2017.The huge increase in import value during the quarter, resulted into a decrease in the Country’s Trade balance from N2,103.4 billion in Q2 to N681.3billion in Q3 representing a decrease of 67.6%. The year to date Total Trade amounted to N23,140.8billion.


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Export in the Third quarter was still oil dependent, Crude oil exports was recorded N4,146.6billion in the third quarter and it remained the majority of total exports (85.4%).  The non-oil products accounted for 3.4% while other oil products accounted for 11.20% of total exports in the quarter under review.

 

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Imports Classified by Standard International Trade Classification and country of Origin

 Nigeria’s imports amounted to N4,172.3 billion in Q3, 2018 among which N1,940.2 billion imports were machinery and transport equipment (46.5% of total import) and N1,016.3 billion imports were mineral fuel while chemical and related products accounted for N388.3 billion or 9.3% of the total imports during the period under review. Other major contributors in this sector were food and live animals which accounted for N336.6billion and manufactured goods which amounted to N290.1billion during the period under review.


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In the quarter, most imported products originated from Asia, Europe and America which contributed N2,187.99 billion or 52.4%, N1,467.8 or 35.2% and N351.6billion or 8.4% of the total imports respectively.  Nigeria’s imports by country of origin shows that the Country imported goods worth N1,214.5 billion or 29.1% from South Korea. This was an occasional import. As usual Nigeria consumed goods mainly from China, Netherlands, Belgium, and United States which respectively accounted for N591.4 billion or 14.17%, N483.2billion or 11.58%, N291.7 billion or 6.99% and N224.2 billion or 5.37%.  China moved from its position as the top importing partner for Nigeria this time because of the submersible drilling platform imported from South Korea during the quarter which was quite expensive.  Import trade from African countries stood at N138.7 billion or 3.3% while imports from the region of ECOWAS amounted to N16.9 billion.


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Exports Classified by Standard International Trade Classification and Country of Destination

The structure of the export trade is still dominated by crude oil exports, which contributed N4,146.6 billion or 85.4% to the value of total exports in Q3, 2018.  Exports by section revealed that Nigeria exported mainly mineral products which accounted for N4,709.9 billion or 97.04% of the total value of exports.  This was followed by prepared food stuff, beverages, Spirits and Vinegar which accounted for N34.5 billion or 0.7% of the total export. In the third quarter, Nigeria exported most products to Europe, Asia and America which accounted for N2,033.99 billion or 41.9%, N1,361.4billion or 28.0% and 727.03 or 14.97% respectively.  Furthermore, Nigeria exported goods worth   N715.1 billion or 14.73% to Africa   and N16.04 billion or 0.33% to   Oceania.

However, within Africa, Nigeria exported goods valued at N341.1billion or 47.69 % to ECOWAS member states and this represents 47.69 % of the total export trade to Africa. Exports by country of destination showed that Nigeria exported goods mainly to India, Spain, France, South Africa and Netherlands; in values worth N764.9 billion or 15.76%, N522.1 billion or 10,76%, N500.31billion or 10.31%, N335.28 billion or 6.9% and N276.37 billion or 5.69% respectively.  These five countries accounted for 49.43% of the total exports in Q3, 2018.


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Export/Imports Products Classified by Sectors Q3, 2018

 

Agricultural Goods Sector

The trade in agricultural goods in Q3, 2018 stood at N269.7 billion representing 2.99% of the total trade.  The Export component of this trade was valued at N45.4billion in Q3. Compared to N85.9billion recorded in the previous quarter, a decrease of 47.20% was indicated.  Further analysis by economic regions showed that exported Agricultural goods were mainly consumed by Asia and Europe in values worth N25.7 billion and N15.9billion respectively.  During the period under review Agricultural products were driven by cashew nuts in shell, Sesamum seeds, whether or not broken, Superior quality raw cocoa, and frozen shrimps exported in values worth N9.85billion, N9.02billion, N7.59 billion and N2.68 billion respectively. Cashew nuts were exported mainly to Vietnam and India in values worth N4.8billion and N4.7 billion respectively. Sesamum seeds were exported to Japan and China in values worth N2.9 billion and N1.6billion, while superior quality raw cocoa beans were consumed by Indonesia and Netherlands in values worth N2.9 billion and N2.8 billion.

In terms of imports, the total Agricultural products were valued at N224.3billion or 5.38% of total imports during the period under review.  The major driver was Durum wheat (not in seeds) imported mainly from Russia, Canada and Australia in values worth N28.1 billion, N18.0billion and N5.8billion.  Other drivers were Durum wheat in seed imported from Russia, Canada and United States in values worth N17.95 billion, N11.48 billion and N10.47billion.


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Solid Minerals Sector

The trade in solid minerals stood at N27.1`billion in Q3, 2018 representing 0.3% of total trade.  The export component of the solid mineral stood at N9.7billion while the import totaled N17.4 billion.  During the quarter, the exported solid mineral products declined by 51.9% against the level recorded in Q2, 2018 while the imported solid mineral increased in value by 0.83%. 

The major solid minerals exported during the quarter was other cements which were exported to Togo and Niger in values N3.1 billion and 2.86billion. Zinc ores and concentrates were exported to China in value worth N1.9 billion.  Analysis of solid mineral imports showed that Nigeria imported Plasters of calcined gypsum or calcium sulphate whether or not colored mainly from Turkey and Tunisia in values worth N2.22 billion and N0.86 billion respectively. 

Other Salt (including crude salt), were imported from Namibia and Brazil in values worth N2.0 billion and N1.7billion.

 

Manufactured Goods Sector

Trade in manufactured goods stood at N2,687.6 billion in Q3, 2018.  The export component was valued at N65.8 billion while imported manufactured goods stood at N2,621.8 billion.  During the quarter, imported manufactured goods increased by 122.97% over the level recorded in Q2, 2018.  Similarly, the export of manufactured products was 116.1% higher than the level recorded in Q3, 2017. Under manufactured goods sector, Vessels and other floating structures for breaking up were exported to Cameroun, Congo and Hong Kong in values N9.0 billion, N2.9 billion and N1.3billion. During the quarter, Nigeria also exported Airplanes and other aircraft of an unladen weight but not exceed 15000kg to Ghana in the value worth N5.6billion. Aluminum alloys, unwrought worth N4.2billion was exported to Japan while Polyethylene having a specific gravity >=0.94, in primary forms worth N2.4 billion was exported to China. In terms of imports, Nigeria imported Floating or submersible drilling or production platforms worth N1,159.3billion from South Korea. Used Vehicles were imported mainly from United States and Brazil, in values worth N45.3 billion and N12.0 billion. Other instruments and apparatus, for medical, surgical sciences were imported from Netherlands in the value N36.7billion. Motorcycles and cycles were imported from India and China in values worth N29.2 billion and N11.97 billion respectively.

 

Raw Material Goods Sector

Total value of Trade in raw material in Q3, 2018 stood at N323.8billion or 3.6%. During the quarter the export component of raw material was valued at N32.2billion or 0.66% while import of raw material accounted for N291.6 billion or 6.99% of the total import trade.

Raw materials exported during the quarter includes Urea exported to Brazil and Benin Republic in values worth N10.4 billion and N0.5 billion. Leather further prepared after tanning were exported mainly to Spain and Italy in values N4.3billion and N3.9 billion. 

In terms of imports, Cane sugar, meant for sugar refinery were imported from Brazil in the value N45.7 billion. Milk preparations were imported mainly from Ireland, Malaysia and Australia in values N5.1billion, N2.9 billion and N1.98 billion. Mineral or chemical fertilizers were also imported in the value N11.3billion from Morocco. Nigeria also imported preparations for infant use in the value N6.1billion from China. Mixtures of odoriferous substances were imported from Ireland and Swaziland in values N5.4billion and N3.7billion respectively.

 

Trade Intensity in Q3 2018 

Export Intensity Index with Five Major Trading Partners

During the quarter, Nigeria export trade with India, Spain, France, South Africa and Netherlands was intense in all the months except on September. India registered high export intensities of 3.53, 4.1 and 2.97 in July, August and September. Similarly, Spain registered 4.95, 2.74 and 2.86 in the months of Quarter 3, 2018. France, one of the major export markets of Nigeria recorded index of 2.35, 2.51 and 1.31 while South Africa recorded 8.24, 9.78 and 7.34 respectively. Netherlands equally recorded high export intensities of 1.86 and 1.56 except on September whose index was 0.23


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Import Intensity Index with five Major Trading Partners

During the quarter under review, Korea emerged as the first leading Country in terms of imports due to the submersible drilling machine imported from the country during the month of August which was quite expensive. Korea therefore, recorded very high import intensity index of 13.9 in August while it recorded low import intensity index in July and September due to the product mix imported from the country during those months. China which has been Nigeria’s major trading partner in terms of imports recorded very low import intensity index in all the months (July 0.9. August 0.6 and September 0.7). This low index can be attributed to the product mix imported during the months of the quarter under review. Netherlands registered high import intensities in all the months; July (3.2), August (1.5), September (2.0). Similarly, Belgium recorded high import intensities of 2.5, 1.7 and 2.7 while United States has always recorded low import intensities-In the months of the quarter under review, United states recorded 0.5, 0.3 and 0.4.

 

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Trade by Mode of Transport

In Q3, 2018, Nigeria’s major mode of transporting its goods to partner Countries was by water.  Transport of goods by water accounted for N 4824.1 billion or 99.4% of total export.  The goods exported through road accounted for N14.1 billion. The goods that passed through the Air accounted for N15.4 billion of total exports. 

In terms of importing goods into the Country, the Sea remained the major mode of transportation as it contributed N3959.7billion or 94.9% of total imports.  During the Quarter, other modes of transport were used to convey goods into the Country.  Road transport accounted for N13.7 billion and Air transport accounted for N198.9 billion.

 

Trade by Custom Ports and Post

The leading port of operation during the quarter was Apapa port which accounted for N 4,737.2 billion or 97.6 % of total export transaction. The next leading port of operation during the quarter was Tin can through which goods worth N43.3 billion were shipped to partner countries. Goods worth N31.2billion exited the country through Port Harcourt (3). 

In terms of imports, Apapa Port still remain the leading Port of operation with transaction valued at N2,844.4 billion or 68,2%.  The next leading port was Tin Can Island which accounted for N563.8billion or 13.5%.  Other active ports of operation were Portharcourt (3) with transaction worth N195.8 billion or 4.7%.

 

Click Here to Download Q3 2018 Foreign Trade Statistics PDF Report

Latest 2018 NBS Reports

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Q4 2018

1.       An Average of 78,917MWh of Power Generated in Q3 2018 - NBS

2.      Banking Sector Records 5.29bn Volume of Transactions in Q3 2018 - NBS

3.      4.37bn Litres of PMS Imported into Nigeria in Q3 2018 - NBS

4.      States Generate N579.49bn as IGR in H1 2018 - NBS

5.      FAAC Disburses N741.84bn in September 2018 - NBS

6.      Average Intercity Bus Fare Increased By 0.24% MoM - NBS

7.      Average Prices of PMS, AGO, HHK and Cooking Gas – October 2018

8.     Headline Inflation Moderates To 11.26% (YoY) in October 2018; 2bps Lower Than September 2018

9.      NBS Publishes 11 States Nominal GDP from 2013 to 2017

10.  Average Price of 1kg of Yam Tuber Decreased by 4.3% MoM to N280.28 in September 2018 - NBS

11.   Average Airfare Paid by Passengers Increased by 0.15% MoM to N32,378.92 - NBS

12.  Headline Inflation Increased by 11.28% in September 2018; 0.05 Higher Than August 2018 Rate

13.  Average Prices of PMS, AGO, HHK and Cooking Gas – September 2018

14.  NBS Publishes 2016 Human Development Indices for UNDP Nigeria Human Development Report


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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

 

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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


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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
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