Nigeria’s Foreign Trade Rises to N8.24tn in Q1
The nation’s foreign trade has recorded a slight increase by 2.50percent to N8.4trillion in the first quarter of the year.
This is compared to N8.04trillion it had recorded in the fourth quarter of last year.
The National Bureau of Statistics (NBS) in its report released Monday said the figure represents 7.5 per cent when compared to the figure for the same period last year.
The report showed that value of exports stood at N4.53 trillion, showing a rise of 1.78 per cent when compared to the preceding quarter
There was also a drop of 3.9 per cent when compared to the Q1 of last year.
Total imports according to the report also showed an increase of N3.70 trillion, a rise of 3.39 per cent when compared to the Q4 and 29.84 per cent increase when compared with Q1 2018.
The report described Nigeria’s trade balance as positive at N831.6 billion in Q1 2019, adding that this was boosted by rise in both exports and imports.
The NBS report showed that the value of crude oil exports in Q1 was 7.78 per cent lower than the figure in Q4- which was 5.67 per cent lower than the figure the first quarter of last year.
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