Nigeria Economy | |
Nigeria Economy | |
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Monday, December 18, 2017 /9:00 AM /
FBNQuest Research
The latest data
from the NBS in its Foreign Trade in Goods Statistics for Q3 2017 show the
total value of trade as N5.92trn, representing an increase of 4% on the
preceding quarter.
Compared with Q3,
the total export value was 15% higher at N3.57trn, and the import value 10%
lower at N2.35trn. Thus a surplus of N1.2trn (US$3.92bn) was achieved. These
customs data may tell a different story to the BoP series from the CBN, which
is not yet available.
The
decline in the value of imported goods is partly due to improved local
substitution (particularly for agro-related products). Furthermore, although
the economy has emerged from a recession, the recovery remains fragile and
spending capacity of households as well as businesses remain subdued.
However,
based on the data, wheat, palm oil and mackerel accounted for 23%, 6% and 4%
respectively of total agricultural imports valued at N232bn in Q3.
Despite
the FGN’s economic diversification strategy, crude oil gulped the largest share
of exports again, representing 83% of total exports in the quarter. Since Q2,
oil production and exports have increased.
In the
quarter under review, Nigeria exported goods (presumably non-oil products)
valued at N367bn to other African countries; exports to ECOWAS countries
accounted for less than half (31%) of this figure.
Bolstering
local substitution to help reduce Nigeria’s import dependency remains a key
objective of the government. It needs to stay the course, even though oil
prices are firmer this year.
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2017; 0.01% Lower Than 15.91% October Rate
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8.
Q3
17 GDP: Oil Led Growth Mask Deceleration in Non-Oil
9. Manufacturing
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10. Fitch
Cuts Nigeria's 2017 GDP Growth Forecast to 1pct from 1.50pct
11.
Inflation Rate
to Decelerate Further to 15.84% in November
12. Q3 2017 GDP: Going Beyond the Surface Figures
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