Nigeria's Q1 product import worth N 862 bn
The overall trade value in first quarter 2018 also demonstrates a 35.07 percent rise compared to the amount of N 5.339 billion recorded in the same quarter of last year.
Nigeria's oil, gas, solid minerals and energy sectors achieved over N 861.67 billion worth of products importation during the first quarter of 2018, pursuance to the latest foreign trade statistics from the National Bureau of Statistics. The data released on Tuesday gestured that the value of oil products imported in the first quarter of 2018 was N 846.31 billion, representing 122.70 percent higher than then the value in the fourth quarter of 2017.
Solid minerals products are located at N 12.62 billion, representing a reduction of 17.27 percent weighed to the preceding quarter and energy goods imported into the country in the first quarter of 2018 were N 32.4 million and this is less than the fourth quarter of 2017, which was N 138.1 million. Nigeria's total imports priced at N 2.518 trillion in the first quarter, 2018, representing 19.22 percent higher than N 2.112 trillion recorded throughout the fourth quarter of 2017.
The cost of imported agricultural goods in the first quarter of 2018 declined to N 184.49 billion from N 227.49 billion recorded in the fourth quarter of 2018. Raw materials imports in first quarter 2018 at N 284.81 billion increased by 1.93 percent weighed to N 279.41 billion in the fourth quarter of 2017.
The overall trade value in first quarter 2018 also demonstrates a 35.07 percent rise compared to the amount of N5.339 billion recorded in the same quarter of last year. The trade balance in the first quarter, 2018 was N 2.175 trillion, which proceeded by 20.95 percent from the last quarter in 2017, and 221.08 percent over the same quarter in 2017.
President Muhammadu Buhari said that Nigeria will keep pursuing a strategic food security programme built around self-sufficiency and minimization of import dependency.