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Nairaland Forum / Nairaland / General / Business / Nigeria Trade Balance Turns Positive In Q4 As Exports Jump (20264 Views)
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Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by OKDnigeria: 9:49pm On Mar 04, 2017 |
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 1 Like 2 Shares |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by SalamRushdie: 10:00pm On Mar 04, 2017 |
"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 70 Likes 2 Shares |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by slurryeye: 10:01pm On Mar 04, 2017 |
Export jumping up by 53.5% is a very good sign. I believe in power of naija 11 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Teadavid23(m): 10:01pm On Mar 04, 2017 |
Toor mogbo o |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by khalidjnr(m): 10:01pm On Mar 04, 2017 |
Good 1 Like |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by freeborn76(m): 10:02pm On Mar 04, 2017 |
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. 36 Likes 3 Shares |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Wiseandtrue(f): 10:02pm On Mar 04, 2017 |
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. 10 Likes 2 Shares
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Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by twilliamx(m): 10:02pm On Mar 04, 2017 |
Very good news 3 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by chinex276(m): 10:02pm On Mar 04, 2017 |
I just wan comment for commenting sake 2 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Costello559(m): 10:02pm On Mar 04, 2017 |
Good one... God is at work... 3 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Omotaday(m): 10:02pm On Mar 04, 2017 |
Nice one. more good news to come. 3 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by wandyvirus(m): 10:03pm On Mar 04, 2017 |
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. 2 Likes 1 Share |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by joliyp(f): 10:03pm On Mar 04, 2017 |
i dnt understand math |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by AlfaSeltzer(m): 10:03pm On Mar 04, 2017 |
NDA stopped bombing buhari paid them sense came momentarily to the dullard 3 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Lecturebidz(m): 10:03pm On Mar 04, 2017 |
This guys wey dey above me self! ![]() Good for the country. |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by donofdons: 10:04pm On Mar 04, 2017 |
lol |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by abbaapple: 10:04pm On Mar 04, 2017 |
#yawn..... Baba coordinating our economy knowing Wat he does best!!! kudos to u pmb 3 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Abayhormy(m): 10:05pm On Mar 04, 2017 |
Thank God for the good luck of PYO. God bless Nigeria. 2 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by darfay: 10:06pm On Mar 04, 2017 |
E |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Taidi(m): 10:06pm On Mar 04, 2017 |
good 2 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Drtee(m): 10:07pm On Mar 04, 2017 |
Good to know 2 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by grandstar(m): 10:08pm On Mar 04, 2017 |
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 3 Likes 1 Share |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by olasesi(m): 10:08pm On Mar 04, 2017 |
Most people will miss that the post says "fourth quarter" .......that means last year...... before osinbajo became acting president 23 Likes 3 Shares |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by policy12: 10:09pm On Mar 04, 2017 |
. |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by Laid2001: 10:09pm On Mar 04, 2017 |
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: 45 Likes 5 Shares |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by shobroy10(m): 10:09pm On Mar 04, 2017 |
. |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by 12345baba(m): 10:09pm On Mar 04, 2017 |
Lies!!!!!!!! |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by obembet(f): 10:09pm On Mar 04, 2017 |
I don't knw what to type |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by CoolFreeday(m): 10:10pm On Mar 04, 2017 |
Some people will not like this news!! God bless Nigeria God bless PMB 11 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by wickyyolo: 10:10pm On Mar 04, 2017 |
SalamRushdie: Plain Truth 3 Likes |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by 4dor: 10:11pm On Mar 04, 2017 |
SalamRushdie: Fourth quarter of 2016 31 Likes 1 Share |
Re: Nigeria Trade Balance Turns Positive In Q4 As Exports Jump by SalamRushdie: 10:12pm On Mar 04, 2017 |
4dor: It doesn't matter 3 Likes 1 Share |
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