The importance of statistical information cannot be overemphasized as it helps private businesses and public sector organizations plan effectively and execute efficiently. I personally love statistical information as it helps me when preparing business plans for clients.
The following statistics is gives us a clear picture of where Nigeria's economy was and where we are likely to go......under visionary leadership .
(Source National Bureau of Statistics )
✔Total value of export grew by 0.9% compared to Q4 2016
❌Domestic exports reduced by 0.17% in Q1 against the level in Q4, 2016
- Agricultural goods exports grew in value by 82% in Q1 2017 compared to Q4 2016.
- Raw material exports reduced by 25% in Q1 2017 against the level in Q4,2016
- Solid minerals exports in Q1 2017 were 2% more than the value recorded in Q4 2016
- Manufactured goods exports in Q1 2017 were 45% more than the value attained in Q4 2016
- Crude Oil exports in Q1 2017 were 2% lower than the value recorded in Q4 2016
- Other oil products exports were 8% more in value in Q1 2017 compared to Q4 2016
Total Trade in Q1 2017
- Total trade was 0.11% higher in Q1 2017 than the value recorded for Q4, 2016
Major Export trading partners in Q1 2017
- India 22.24%
- United States 13.86%
- Spain 10.81%
- Netherlands 8.32%
- France 6.5%
Major import trading partners in Q1 2017
- China 16.79%
- Belgium 14.88%
- Netherlands 10.80%
- United States 8.07%
- India 4.53%
Major traded Agricultural products
- Sesamum seed
- Soya Beans
- Frozen shrimps and prawn
- Cashew nuts in shell
- Crude palm kernel oil
Positive Trade Balance due to rising exports and falling imports
Total Merchandise Trade in Q1 2017
Total exports for the period under review stood at ₦ 3,005.9 billion, while total imports stood at ₦ 2,286.5 billion.
The total value of Nigeria's merchandise trade at the end of Q1, 2017 was ₦ 5,292.4 billion. This represented a slight increase of 0.1% relative to the value of ₦ 5,286.6 billion recorded in the preceding quarter.
The marginal rise in exports, coupled with a slight decrease in imports brought the Country's trade balance to ₦ 719.4 billion during the period, up from ₦ 671.3 billion. This represents the second consecutive positive trade balance after 4
quarter of negative trade balance.
The value of exports increased by 0.9% compared to the previous quarter while imports in fell by 0.9% relative to the value recorded in the preceding quarter
If Nigeria is to claw it's way out of our economic quagmire, the government must do MORE to encourage entrepreneurship and real sector capacity building.
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