Crude oil grows Nigeria’s export trade by 20.8% to N17.2trn

Statistics as released by the National Bureau of Statistics (NBS) show that the volume of Nigeria’s exports trade grew 20.8 percent to N17.2 trillion in 2014 over the level recorded in the previous year.

The NBS attributes this to the dominance of the Nigeria’s export trade by crude oil commodity, which contributed a total value of N12.7 trillion to the total domestic export trade recorded in 2014. The crude oil component of total trade increased by N982.3 billion over the level recorded in 2013.

Furthermore, exports by section revealed that mineral products, which accounted for N15.7 billion, was the highest export product for Nigeria in 2014, while other products that contributed immensely to Nigeria’s exports growth include vehicles, aircraft and parts thereof; vessels, etc., and products of the chemical and allied industries, whose values stood at N357.7 billion and N315.6 billion, respectively, of the total exports of Nigeria for the year.

Also, exports by continent showed that Nigeria mainly exported goods to Europe and Asia, which accounted for N7.4 trillion and N4.9 trillion, respectively, of the total export value for 2014. Furthermore, Nigeria exported goods valued at N2 trillion to the continent of Africa while export to the ECOWAS region total N842.8 billion.

In the area of import, Nigeria’s import trade, according to Standard International Trade Classification (SITC), was dominated by machinery and transport equipment; food and live animals, and manufactured goods, which accounted for 35.4 percent, 15.5 percent, and 15.1 percent, respectively, in 2014.

These commodities contributed the most to the rise in the value of import trade in 2014, whereas commodities like crude inedible materials – oils, fats and waxes, and beverages and tobacco contributed the least, accounting for 1.3 percent, 1.2 percent, and 0.7 percent, respectively.

Analysis of import trade by section was dominated by the imports of boilers, machinery and appliances, which accounted for N1.7 trillion of the total value of import trade in 2014. Other commodities, which contributed largely to the value of import trade in the year under review, include mineral products, stood at N1.1 trillion, vehicles, aircraft and parts thereof; vessels, etc., stood at N876.5 billion, base metals and articles of base metals stood at N673.3 billion and products of the chemical and allied industries stood at N583.5 billion of the total import value.

At the end of 2014, the import trade classified by Broad economic category revealed that industrial supplies, not elsewhere classified, ranked first with N1.98 trillion. This was followed by capital goods and parts with the value of N1.7 trillion, including food and beverage with N1.2 trillion of Nigeria’s import trade.

Import, according to economic region, revealed that the country consumed goods largely from Asia with import value of N3.1 trillion. The country also imported goods valued at N2.4 trillion from Europe, and N1.04 trillion from America. The import trade within the continent of Africa totalled N522.0 billion, while import from the region of ECOWAS amounted to N46.1 billion.

Uzoamaka Anagor