It emerged at the weekend that China is now Nigeria’s leading source of imported goods with an import value of $1.6 billion (N478 billion) equivalent to 20 per cent of Nigeria’s total imports.

This is, according to the merchandise trade data released by the Nigerian Bureau of Statistics (NBS) in its latest foreign trade statistics for the third quarter of 2016.

According to the NBS data, Belgium emerged the second largest source of imports in the review period, with an import value of $1.1 billion (N331billion).

The NBS data put the total value of trade at N4.72 trillion, representing an increase of 16 per cent on the preceding quarter.

The data, however, showed a trade deficit of N104 billion, which compared with N482 billion in the second quarter of 2016.

Analysts at FBN Quest noted that the increase in imports in a recession in the first three quarters of last year was due to the weakness of the naira exchange rate.

Analysis of the NBS data showed that total exports stood at N2.31 trillion in Q3 last year while the total value of imports was N2.41trillion. This represented increases of 29 per cent Quarter-on-Quarter (Q/Q) and 6 per cent q/q respectively.

A further analysis of the NBS report showed that the value of imports from other African countries amounted to $290 million (N88 billion)
However, Economic Community of West Africa States (ECOWAS) countries accounted for just 10 per cent of Nigeria’s total trade.

In terms of exports, crude oil was the largest contributor with a total value of N1.9 trillion ($6.2 billion). Meanwhile, the total value of agricultural products exported stood at N14.4 billion ($50 million).

Frozen shrimps and prawns accounted for 37 per cent and sesame seeds 34 per cent of total agricultural exports in the third quarter of 2016.
Experts believe the Federal Government of Nigeria (FGN)’s import substitution strategy will have a significant impact on imports in the years ahead.

“Nigeria is heavily dependent on imports. However, given the current foreign exchange illiquidity, we expect the FGN’s import substitution strategy to have a significant impact over time. Furthermore, consistent growth in agriculture and a significant boost in the manufacturing sector should make the country more export-oriented in the medium term,” said analysts at FBN Quest.

The federal government had recently reduced import duties on more than 89 items in various sectors of the nation’s economy.

The reduction approved by President Muhammadu Buhari, is to promote development in critical sectors of the economy, and is part of its 2016 Fiscal Policy Measures.

A circular issued by the Ministry of Finance said the measures supersede the 2015 Fiscal Policy Measures.

According to the circular signed by the Minister, of Finance, Mrs. Kemi Adeosun, the directive was made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019.

The minister explained that the ECOWAS CET, which will cover the 2017 to 2019 fiscal periods, is composed of three categories made up of an Import Adjustment Tax list of 173 tariff lines, a national list consisting of 91 items and an import prohibition list of 25 items, which is applicable to certain goods originating from non-ECOWAS member states.

http://www.kikiotolu.com/2017/01/china-emerges-nigerias-leading-source.html

Lalasticlala Mynd44 seun Dominique

Nice approvement Mr president

China should colonize Nigeria already...

At least they execute corrupt leaders immediately

China again

Ok

veekid:
Nice approvement Mr president

Zombie spotted.

clueless people 20% or 90%

With over 90% of our exports coming from crude oil, it means we have a very long way to go.
I was hoping to see USA closely behind China, at least it will explain our over dependance on the dollar but no.

By the way what impact on the economy has Buhari's visit to China done? Because we are still where we were or even worse.
I thought that visit with good trade policies will improve our economy and stop our thirst for dollar, but again no.
Perhaps, he went for an excursion in China.

All will match... against this failed government. Feb 5

They deserved it 'cos they're simply industrious.

China is the leading import destination of every damn country in the world.

Starting from your almighty USA to Togo.
You need to be on ground here in China to know what I am talking about.
Behind my office in Guangzhou China is a well known Plaza that houses shipping/cargo companies owned by People from Kazakhstan, Pakistan, Russia and every country in that region.
And they move large goods daily.

This is something I never saw in Europe in all my years there.
So yes, if you want to do business, turn your eyes east towards China, it's the World's largest business center and will remain so for another 100 years.

If this is the case, why the so much pressure on dollars?

All that needs to happen to to use Chinese currency for these transactions, hence $1.6b is saved from being exchanged, thereby reducing the pressure on dollars.

Simple and straight forward

201320142015ob:
All will match... against this failed government. Feb 5

Ma nigga

China, here I come!

Seriously i really give bleep now

davodyguy:
If this is the case, why the so much pressure on dollars?

All that needs to happen to to use Chinese currency for these transactions, hence $1.6b is saved from being exchanged, thereby reducing the pressure on dollars.

Simple and straight forward

good question

Were you guys expecting it's Coutonu before? There's nothing you want in this world you wouldn't get from China.









Make Chinese people price Nigeria abeg

Benjom:
They deserved it 'cos they're simply industrious.

NB

More than 50% of items from China are substandard, second to Made in ABA.

.

That's the only country that can take risk in business..

Nairaland from China?

Kudos to our igbo importers.

How I wish we have more exporters

Let's start to make use of the China currency for trade. So as to reduce the pressure on Naira.

Lol...we're running at a deficit...
Issokayy

Hi everyone,
Do you know any graduate with 1st Class, 2.1 and 2.2 in the following fields : Geography,
Geology, Geophysics, Medicine, Health Sciences,
Computer/Computer science, Engineering, sciences, Agriculture sciences, Geography Education, Law, Mass Communication, Political Science or any Arts course?

Can the person speak English?

Can they write well?

Do they have computer skills?

I just want to wish them a happy week ahead.

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i go give you love and i go give you overload
no wayo baby miss no wayo
i go give you love and i go give you overload
you know i love you
if i say i love you no be lie
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ohema oh oh ohema oh oh yeye eh eh
ohema what be the matter miss forget obiya
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ohema what be you want buy
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ehen i be your lover, your father and your lover
e be this your dae make i dey feel
your loving be real
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as you no dey gimme no matter
you dae make i dey feel
your loving be real
your loving be real


It your boy eee...

Nigeria af failed us #5feb

Drienzia:
Nigeria should stop being a capitalist state, And emulate China, being a socialist state for a year, let's see the difference ..

Your brain they work well well. The only solution to the Nigerian dilemma but socialist philosophy is beyond 99.99% of Nigerians rationale

Na news be this?

davodyguy:


NB

More than 50% of items from China are substandard, second to Made in ABA.

Did you say "substandard"? We get substandard Chinese made products in Nigeria for the most part because of the greediness of some importers from Nigeria. These greedy importers tell Chinese manufacturers Nigerians can not afford top quality products. I know this for a fact because I live in China. Stop blaming the Chinese for the fake and substandard products you find in Nigeria. Blame the greedy and heartless importers who go out to China to make them.

I'm happy I identified with this country early.
Jiayou China!

@Chukxie. Bro, I sight you