LAGOS, March 4 (Reuters) - Nigeria's trade balance
turned positive in the fourth quarter of 2016 after
exports rose by more than half, the national
bureau of statistics said on Saturday, the first
positive reading since the same quarter a year
ago.

But Africa's largest economy shrank 1.5 percent
over the course of the full year due to lower oil
revenues and a shortage of hard currency, its first
annual contraction in quarter of a century.

With limited manufacturing capacity, Nigeria
imports most of what it consumes. Fourth-quarter
imports rose 46.4 percent from the previous year
to 2.31 trillion naira ($7.6 billion), the statistics
bureau said.

But exports more than compensated for that rise,
jumping 53.5 percent in value terms from a year
earlier to 2.98 trillion naira, the statistics bureau
said.

The balance of trade for the fourth quarter was 671
billion naira. The net trade balance stood at minus
290 billion naira ($953 million) for all of 2016. ($1
= 304.2000 naira)

(Reporting by Paul Carsten;
Editing by Hugh Lawson)
© Thomson Reuters 201

http://af.reuters.com/article/nigeriaNews/idAFL5N1GH0IH

"When the righteous thrive, the people rejoice;
when the wicked rule, the people groan---Proverbs 29 vs 2"

This bible verse explains all Nigeria has been going through since Buhari took over and the little respite the economy is seeing since Osinbanjo started acting as president ..

MY people our God is not a liar so in 2019 Vote wisely

Export jumping up by 53.5% is a very good sign.
I believe in power of naija

Toor mogbo o

Good

Credit to PMB and PYO. I know that the progress was recorded last quarter of last year when PMB was around: but here is my concern: we will achieve so much in the next few weeks and then Buhari would return and in a bid to reclaim relevance, he may either upturn some policies or introduce new ones, and then we may return to square one. If Buhari truly loves Nigeria, and I know he does, he should COMPLETELY handover the running of state affairs to Osinbajo...that is the only noble thing to do. Sadly, nobility is a scarce item in Nigeria.

To be honest, this is a good news.


But in a lay man's village this export of a thing is affecting Nigerians seriously because these thing are either scarce or very expensive now in Nigeria.

Take rice for example, forget the media hype. It is still expensive. Here is still sold for N16,500 as against N8000 in Jona era and other things like that.

Govt. Should stop making things hard for the masses.

Very good news

I just wan comment for commenting sake

Good one... God is at work...

Nice one. more good news to come.

This is good. Let's hope we can make the second quarter as good as this. The challenge now is staple food become expensive as more people choose to export and earn FX than trade locally.

i dnt understand math

NDA stopped bombing
buhari paid them
sense came momentarily to the dullard

This guys wey dey above me self!
Good for the country.

lol

#yawn..... Baba coordinating our economy knowing Wat he does best!!! kudos to u pmb

Thank God for the good luck of PYO. God bless Nigeria.

E

good

Good to know

The over dependence on crude oil is the economy's graveyard.

Non-oil exports has collapsed with the CBN requiring exporters to change their export earnings at the official rate. This is just nonsense.

Non-oil exports should have grown from the $10b in 2014 to about $15b now. Unfortunately, wit that policy, non-oil exports instead suffered a reversal.

As long as the naira is not allowed to float, the economy will remain in a rotten shape

Most people will miss that the post says "fourth quarter"

.......that means last year......

before osinbajo became acting president

.

My friend, stop talking nonsense!!!
This is a report of what happened up till december 2016...
How does, Osinbajo comes in to the issue now?

fanatics that sees Bible verse in everything unconnected to it

SalamRushdie:
"When the righteous thrive, the people rejoice;
when the wicked rule, the people groan---Proverbs 29 vs 2"

This bible verse explains all Nigeria has been going through since Buhari took over and the little respite the economy is seeing since Osinbanjo started acting as president ..

MY people our God is not a liar so in 2019 Vote wisely

.

Lies!!!!!!!!

I don't knw what to type

Some people will not like this news!!
God bless Nigeria
God bless PMB

SalamRushdie:
"When the righteous thrive, the people rejoice;
when the wicked rule, the people groan---Proverbs 29 vs 2"

This bible verse explains all Nigeria has been going through since Buhari took over and the little respite the economy is seeing since Osinbanjo started acting as president ..

MY people our God is not a liar so in 2019 Vote wisely

Plain Truth

SalamRushdie:
"When the righteous thrive, the people rejoice;
when the wicked rule, the people groan---Proverbs 29 vs 2"

This bible verse explains all Nigeria has been going through since Buhari took over and the little respite the economy is seeing since Osinbanjo started acting as president ..

MY people our God is not a liar so in 2019 Vote wisely

Fourth quarter of 2016

4dor:


Fourth quarter of 2016

It doesn't matter