NBS: Nigeria’s export value hits N3.57b in Q3

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A man stands in a boat loaded with pump engines at the Bodo cleanup site in Rivers State, Nigeria. Unlike clean-up operations run routinely by oil giant Royal Dutch Shell, this one is backed by local communities and teams of scientists who will take samples of water, mud and soil in each area to measure progress and determine the best cleaning method. REUTERS/Afolabi Sotunde

The National Bureau of Statistics (NBS) has said Nigeria’s exports in the third quarter stood at N3.57 billion, a 13.19 per cent increase over that of the second quarter.

The NBS stated this in the “Foreign Trade Statistics for the Third Quarter 2017’’ report posted on the bureau’s website.

It stated that the value (N3.57 billion) in the third quarter represented an increase of 35 per cent over the amount recorded in the same period last year.

The report stated that raw material exports value increased by 16.88 per cent in third quarter against that of the second quarter and 70.42 per cent higher than the third quarter of last year.

It noted that solid minerals exports value increased by 85.3 per cent in the third quarter compared to the second quarter of the year and was 78.72 per cent higher than the third quarter of last year.

Meanwhile, NBS said imports value of N2,348.6 billion in the third quarter, which was 10.51 per cent lower than that of second quarter and 4.68 per cent lower than the third quarter of last year.

According to the report, the value of imported agricultural goods was 0.05 per cent higher than the value recorded in second quarter and 16.91 per cent higher than that of the third quarter of last year.

The report stated that the value of raw material imports was 4.77 per cent lower than the second quarter and 2.80 per cent lower than that of the third quarter of last year.

It further stated that solid minerals imports in the third quarter of the year decreased by 1,220.48 per cent compared to second quarter, but was 8.69 per cent higher than the third quarter of last year.

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