January 22, 2020

Nigeria record 15.02% increase in export in Q’3 2019

By Ebuka Oko

FOLLOWING the closure of land borders by the Federal Government and placing of ban on some imported items by Central Bank of Nigeria, CBN, the country has recorded an exponential growth of 15.02 percent in export in the last quarter of 2019, as against 8.97 recorded in Q’3, 2018.

A report recently released by the National Bureau of Statistics, NBS, on import and export values, revealed that the value of total exports in Q’3 2019 increased by 15.02 as against the 8.97 percent value recorded in Q’3 2018.

The report further showed that the value of manufactured goods exported increased by 839.44 percent in Q’3 2019 surpassing the Q’3 2018 value.

READ ALSO:Nigeria records $2.8bn Balance of Payments surplus in Q4’18

The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, vessels and other floating structures.

However, despite recording high in the last quarter, the report further showed that the value of agricultural exports decreased by 42.69 percent in Q’3 2019 relative to 7.30 percent as against Q’3 2018.

The report also showed that the value of raw material goods exported in Q’3 2019 decreased by 5.74 percent in Q’3 2019 as against 8.84 percent recorded in Q’3 2018.

Furthermore, the value of solid minerals exported during the period under review decreased by 17.08 percent compared to 34.97 percent recorded in the corresponding quarter in 2018.

Also, according to the report, the export of energy goods decreased in value by 40.06 percent in Q’3 2019 compared to 45 percent recorded in the corresponding period.

The report equally showed that the value of crude oil exports in Q’3 2019 was 4.79 percent lower than 9.62 percent in Q’3 2018, while the value of other oil products exported within this period under study, fell by 6.14 percent as against the 15.19 percent  recorded in the corresponding year.