Nigerians’ taste for foreign goods falls
Nigerians’ penchant for foreign goods and services fell by 43 percent in 2012, according to figures released by National Bureau of Statistics, NBS, Monday.
The figures showed a sharp decrease in the value of imports from N9.8926 trillion in 2011 to N 5.6249 trillion in 2012, a decrease of 43.1 percent. NBS, in an online statement said there was an increase of 15.5 percent in the value of exports from N19.4404 trillion in 2011 to N 22.4463 trillion in 2012.
The statement said: “The increase in the value of exports contributed immensely to the visible trade balance of N16.8214 trillion recorded in 2012. This was a contrast to the visible trade balance of N 9.5477 trillion recorded in 2011.
“The crude oil component of total trade increased by N1.596.0 trillion or 11 percent, over the level recorded in 2011. The structure of Nigeria’s export is still determined by crude oil export. The contribution of crude oil to the value of total domestic export trade amounted to N15.5319 trillion or 69.2 percent in 2012.
“Summary of Nigeria’s export by section revealed that the highest export product of Nigeria in 2012 was mineral products, which accounted for N18.868 trillion or 84.1 percent.
“Other products that contributed immensely to Nigeria’s export includes plastic, rubber and articles, prepared foodstuffs, beverages, spirits and vinegar, tobacco, whose values stood at N1.5999 trillion or 7.1 percent and N764.2 billion or 3.0 percent of the total exports of Nigeria during the period under review.
“Details of Nigeria’s exports to various continents of the world showed that European countries are the highest consumer of Nigeria’s export.”