Diversification: Nigeria Export of manufactured goods hits N232.05bn in 2017

By: Funso Olojo |

As the nation’s diversification agenda of President Muhamadu Buhari Buhari continues to gather momentum, Nigeria exportation of manufactured goods has grown from N182.9 billion in 2016 to N232.05 billion in 2017.

According to National Bureau of Statistics (NBS) report on Foreign Trade In Good Statistics for full year 2017, exported manufactured goods grew to 26.8 percent above the value in 2016.
Moreover, general exportation has risen from N8,527.4 billion in 2016 to N13,598.2 billion in 2017.

But, import decreased to N2,112.3 billion, representing a decline of 15.1% from the last quarter (Q3 2017) and an 8.5% decline compared with the same period last year.
According to the report, Nigeria exported a total of N13,598.2 billion which was 59.47% higher than 2016 with a value of N8,527.4 billion
According to the report, a total export in Q4, 2017 stood at N3,910.6 billion representing a 9.35% growth compared to Q3, 2017 and a 31.28% growth compared to the corresponding quarter of 2016.

The report reads, “The total value trade in manufactured goods stood at N55.4 billion representing 1.42% of total trade in Q4, 2017. Exports of manufactured goods in Q4 2017 increased 28.1% over the value recorded in Q3 2017 but decreased by 18.0% when compared to the value recorded in the same period last year (Q4 2016).
In Q4, 2017, Nigeria exported Polyethylene to China (N5.2 billion), Belgium (N1.3 billion), Germany (N0.9 billion), Togo (N0.8 billion), Vietnam (N0.7 billion).

Vessels and other floating structures to the United States (N3.0 billion), Cameroon (N2.8 billion), Singapore (N2.5 billion), Iceland (N1.2 billion); and Cocoa butter, fat and oil to Netherlands (N1.8 billion), Germany (N1.1 billion), France (N0.8 billion), United Kingdom (N0.6 billion).
“Other products exported in the quarter under review are Cigarettes containing tobacco, mainly to Ivory Coast (N1.3 billion), and Stuffed Pasta, mainly to Ghana (N2.1 billion).
The report however stated that imports of manufactured goods were 0.3 percent lower than the value recorded in the previous quarter, and 10.0% higher than the values recorded in the same period last year.

Manufactured goods imports in Q4 2017 was dominated by imports of Used vehicles from the United States (N31.3 billion); Imported motorcycles and cycles from India (N21.6 billion), China (N10.4 billion); Connectors for optical fibres from the United Kingdom (N22.0 billion), France (0.29 billion), and United States (0.177).

“Other manufactured goods products imported during the period under review Q4 2017 are Milk & cream in powder from New Zealand (N6.3 billion), and Machines for the reception & transmission of voice etc., mainly from China (N11.5 billion), and Sweden (N6.5billion).”
In contrast, total imports decreased to N2,112.3 billion, representing a decline of 15.1% from the last quarter (Q3 2017) and an 8.5% decline compared with the same period last year. Total exports for 2017 stood at N13,598.2 billion compared to N8,527.4 billion.

Total value of export which stood at N3,910.6 billion in Q4 2017 grew by 9.35% over Q3 2017, and by 31.27% over Q4 2016.”
“For full year 2017,total exports of N13,598.2 billion was 59.47% higher than for 2016 with a value of N8,527.4 billion
– Agricultural goods exports grew in value by 54.9% in Q4 2017 (N44.7 billion) in comparison to Q3 2017 (N28.8 billion), and by 170.9% in comparison to Q4 2016 (N16.5 billion).
“For full year 2017, agriculture exports grew 180.7% (N170.4 billion) above the value in 2016 (N60.7 billion).
“Raw material exports in Q4 2017 (N37.8 billion) were 43.2% more in value than Q3,2017 (N26.4 billion) and 71.7% more than Q4, 2016 (N22.0 billion). For full year 2017, raw material exports grew 154.2% (N112.9 billion) above the value in 2016 (N44.4 billion).

“Solid minerals exports in Q4 2017 grew by 55.0% in value when compared to Q3 2017, and by 473.5% in value when compared to same period last year Q4 2016. For full year 2017, solid minerals exports grew 565% (N77.2 billion) above the value in 2016 (N11.6 billion).
“Manufactured goods exports in Q4, 2017 (N55.3 billion) were 28.1% more than the value attained in Q3, 2017 (N43.2 billion) but declined by 18.03% in comparison to Q4 2016 (N67.5 billion).

For full year 2017, exports of manufactured goods grew 26.8% (N232.05 billion) above the value in 2016 (N182.9 billion).
“Crude Oil exports in Q4 2017 were 9.51% more than the value recorded in Q3 2017 and 34.2% higher than Q4, 2016 For full year 2017, crude oil exports grew 57.6% above the value in 2016.
“Other oil products exports increased by 0.45% over Q3 2017, and by 9.3% over the same period last year (Q4 2016). For full year 2017, exports of other oil products grew 57.75% above the value in 2016.”