Nigeria’s trade declines by 30.6

The National Bureau of Statistics on Friday released the merchandise trade figures for the 2015 fiscal period, stating that Nigeria recorded a huge decline of N7.25tn in trade from N23.49tn in 2014 to N16.42tn. It said the N7.25tn decline represents a drop of 30.6 per cent over what was recorded in the 2014 financial period. The bureau in the report a copy of which was made available to our correspondent attributed the drop to a 40.3 per cent decline in the value of exports from N16.3tn in 2014 to N9.72tn.

It, however, said that a decrease of N676.4bn or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance. The report said, “The total value of Nigeria’s merchandise trade during the fourth quarter of 2015 stood at N3.65tn or 9.2 per cent lower than the value of N4.02tn recorded in the preceding quarter. “For the 2015 calendar year, the country’s total trade was recorded at N16.42tn, amounting to N7.25tn or 30.6 per cent less than the total trade value recorded for 2014.

“This development arose largely due to sharp decline the value of exports; from N16.3tn in 2014 to N9.72tn in 2015, a decline of 40.3 per cent. “A decrease of N676.4bn or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance, which stood at N3.03tn, N5.89tn less than the value in 2014.” The NBS in the report said the crude oil component of total trade decreased by N4.94tn or 41.6 per cent as against the level recorded in 2014. It said the country’s imports were dominated by the importation of Boilers, machinery and appliances, which accounted for N1.5tn or 23.6 per cent of the total value of imports in 2015.

Other commodities which contributed noticeably to the value of imports in 2015 were Mineral Products at N1.27tn (19 per cent), Vehicles, aircraft and associated parts at N608.5bn (9.1 per cent) and products of the chemical and allied industries at N578.9bn (8.6 per cent). In terms of imports by region, the report revealed that the country consumed goods largely from Asia with an import value of N2.8tn or 42.3 per cent. Nigeria also imported goods valued at N2.5tn or 37.3 per cent from Europe, and N871.3bn or 13 per cent from The Americas. Imports from within the continent of Africa, it added, totaled N420.4bn or 6.3 per cent, while imports from the region of ECOWAS amounted to N213.8bn.