PMS, Tokunbo vehicles tops imports  to Nigeria in Q1

The National Bureau of Statistics (NBS) had said that petroleum motor spirit (PMS) and second hand vehicles topped the major importation into the country in the fourth quarter of 2020.

The NBS also added that motorcycles and antibiotics were another major importation into Nigeria.

The NBS disclosed in a report, tagged: ‘Commodity Price Indices and Terms of Trade (Q4 2020)’, saying that these major imports were from the top major export and import market of the country in Q4 2020, which were India, Spain, the Netherlands, United States and China.

The NBS further explained that the top major exports from Nigeria to these countries were crude petroleum and natural gas.

“The all-commodity group import index increased by 0.13 percent in Q4 2020.

“This was driven mainly by an increase in the prices of base metals and articles of base metals (1.0 per cent); boilers, machinery and appliances; parts thereof (1.03 per cent); and products of the chemical and allied industries (0.75 per cent).

“However, the index was negatively affected by animal and vegetable fats and oils and other cleavage products (1.06 per cent), prepared foodstuffs; beverages, spirits and vinegar; tobacco (0.66 per cent) and plastic, rubber and articles thereof (0.37 per cent),” the report says.

The Bureau, however, noted the report was due to decrease in the prices of wood and articles of wood, wood charcoal and articles (0.49 per cent); vehicles, aircraft and parts (0.44 per cent); base metals and articles of base metals (0.41 per cent).

NBS pointed out that this was partly mitigated by a increase in the prices of boilers, machinery and appliances (0.66 per cent), adding that the export index decreased by 0.25 per cent in Q4 2020 due to declines in export prices to all regions except Asia, which recorded an increase of 0.16 per cent.