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Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by DrGaius(m): 7:21am On Dec 13, 2017 |
The value of Nigeria’s trade balance, for the first time since 2014, reached N1.23 trillion in the third quarter of 2017 due to a continued increase in exports and a decline in imports. This was disclosed in a Nigerian Bureau of Statistics, NBS, report published, Monday, on the bureau’s website. According to the report, the figure exceeded the N506.5 billion recorded in the previous quarter. The report also showed that the value of Nigeria’s total imports in goods decreased by 10.51 per cent in the third quarter of 2017 from the N2.6 trillion recorded in the second quarter of 2017 to N2.3 trillion. Nigeria’s total imports in goods were 4.68 per cent lower than the N2.4 trillion recorded in the third quarter of 2016. The total export value stood at N3.6 trillion in third quarter, thereby resulting in a 13.19 per cent and 35 per cent increase over the N3.1 trillion recorded in quarter two and N2.3 trillion recorded in the third quarter of 2016 respectively. The total trade for quarter three stood at N5.93 trillion, making it 3.94 per cent and 23.86 per cent higher than the value recorded in the second quarter of 2017 and the third quarter of 2016. The report indicated that the value of imported agricultural goods stood at N232.2 billion, making it 0.05 per cent higher than the N232.1 recorded in Q2, 2017 and 16.91 per cent higher than the value recorded in Q3 2016. The value of exported agricultural goods stood at N21.47 billion, making it 38.43 per cent lower than the N29.71 billion recorded in Q2 2017 but 25.29 per cent higher than the value recorded for third quarter, Q3, 2016. The value of solid minerals imports in Q3 2017 decreased by 1,220.48 per cent to N14.51 billion when compared to the 191.57 billion recorded in quarter two; but was 8.69 per cent higher than the value recorded in Q3 2016. Solid Minerals exports value in Q3 2017, increased by 85.3 per cent to 20.82 billion compared to the 3.01 billion recorded in the second quarter and was 78.72 per cent higher than the value recorded in Q3 2016. Manufactured goods exports, valued at N50.13 billion, was 62.68 per cent lower than the N1.24 trillion recorded in Q2, 2017, but 22.98 per cent higher than the value recorded in Q3 2016. Manufactured goods imports in the third quarter of 2017, valued at N1.2 trillion was 4.08 per cent higher than the N1.1 trillion recorded in Quarter two and 2.79 per cent lower than the value documented for the third quarter of 2016. Other oil products exports valued at N474.9billion in quarter three was 13.53 per cent lower than the N539 billion recorded in the second quarter of 2017 and 37.22 per cent higher than the value recorded in the third quarter of 2016. Crude Oil exports in Q3 2017 stood at N2.9 trillion, making it 18.40 per cent and 34.13 per cent higher than the N2.43 trillion recorded in Q2 2017 and the value recorded in Q3 2016 respectively. “Exports in the third quarter were still oil dependent. Crude oil exports were recorded N2,971.94 billion in the third quarter and it remained the majority of total exports constituting 83.17 per cent,” the agency stated. https://www.premiumtimesng.com/business/business-news/252284-nigerias-trade-balance-exceeds-n1-trillion-for-first-time-since-2014-report.html?_e_pi_=7%2CPAGE_ID10%2C7525196799 12 Likes 1 Share
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by 9jaDoc(f): 7:22am On Dec 13, 2017 |
Seriously, does it affect price of garri? Ok, at least seems we r solving one thing... Anybody has ideas how we can also solve the following: 1) rampant corruption everywhere 2) corrupt politicians 3) corrupt police 4) SARS 5) ritualists, 6) kidnappers, 7) conmen, yahoo boys, 9) brazen robbers, 10) Boko Haram, 11) IPOB, 12) Delta Avengers, 13) baby factories, 14) child molesters, 15) child snatchers 16)human traffickers, 17) poor power supply, 18) ridiculous hospitals, 19) doctor strikes 20) poor schools, universities 21) poor infrastructure, 22) poor water supply, 23) poor waste disposal, 24) poor drainage system, 25) poor building inspection, 26) collapsing buildings, 27) dillapidated housing, 28) poor drug inspection, 29) poor food inspection, 30) poor environmental planning 31) corrupt clearing and forwarding, 32) corrupt customs, 33) no mental healthcare 34) no provisions for handicapped people 35) corrupt legal system, 36) corrupt judiciary, 37) poor banking system, long lines 38) poor and corrupt monetary system (black market) 39) Fulani herdsmen 40) military 41) aviation in general 42) MM Airport, Ikeja 43) filthy and congested seaports (Apapa) 44) rampant strikes 45) fake everything 46) intermittent fuel scarcity 47) generator fumes and noise 48) corrupt FRSC 49) road blocks 50) Non-existent planned public transportation 51) fires and deaths from power surges 52) deaths from unsafe roads 53) In case of fire, long waits for poor response 54) In case of crime, long waits for police response 55) long waits for poorly equipped ambulances 56) very poor emergency healthcare 57) ineffective drug prescription system 58) totally corrupt govt bureaucracy 59) very poor public healthcare sector 60) poor crime investigation process 61) poor forensics 62) poor record-keeping process 63) poor and fraud-susceptible personal identification 64) non-availability of student loans and work-study 65) non-existent credit system 66) non-existent car rental system 67) fraud-prone real estate - "this house is not for sale" 68) no substantial recompense for death or injury due to govt or police mistake or negligence 69) rampant jungle justice, sometimes on innocent people (could be u) 70) extremely high unemployment rate 71) cultists and cult wars 72) hawkers, beggars, mad and near-mad all over 23 Likes 3 Shares |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by madridguy(m): 7:25am On Dec 13, 2017 |
Noted. 1 Like |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Isokowadoo: 7:27am On Dec 13, 2017 |
Liars 8 Likes |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Isokowadoo: 7:28am On Dec 13, 2017 |
APC Are thieves 11 Likes
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by SillyMods: 7:28am On Dec 13, 2017 |
PMB is a quiet achiever. No need to make noise too much. The economy they destroyed for sixteen years, they want it repaired in two years! Even a building destroyed in one day cannot be rebuilt in one week. Shameless jokers PDP and their supporters are. Solid Minerals exports value in Q3 2017, increased by 85.3 per cent to 20.82 billion compared to the 3.01 billion recorded in the second quarter and was 78.72 per cent higher than the value recorded in Q3 2016.The Solid Minerals sector is actually doing great. Kudos to Fayemi in this regard. 62 Likes 2 Shares |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by SalamRushdie: 7:29am On Dec 13, 2017 |
For those trying to applaud this hogwash just remember its like diluting and bottle of coke with water and claiming you have more coke ..this Balance trade number doesnt generally signify growth in our economic factors of production but just reveals a slump in the quality and standards of living in Nigeria , people are not importing less because there are better locally produced alternatives but because they have cut out a lot of imported stuff because they cant afford E.g the automotive sales industry imported 90 percent less cars because of low demand and this means many Nigerians who want cars are going for Nigerian used cars which means many people have also sold their Nigerian used cars to others to make ends meet...This is reflective of a lower quality of life . 23 Likes 3 Shares |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Isokowadoo: 7:30am On Dec 13, 2017 |
We Say no to Government backed Lies 6 Likes
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Isokowadoo: 7:36am On Dec 13, 2017 |
madridguy: 3 Likes
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Caseless: 7:43am On Dec 13, 2017 |
Baba is working. These flying guys won't like this news. 35 Likes 3 Shares
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by MrGreenMavro: 7:45am On Dec 13, 2017 |
The blessings of recession 4 Likes |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by XXLDICK(m): 7:45am On Dec 13, 2017 |
Caseless:Get a life, Bro. Even though I hate IPOB, your insults is just too much and getting irritating. This isn't good news, our balance of trade should exceed that of 2014 in naira considering the purchasing power of naira is far below that of 2014. Imagine if the value were to be in dollars. We aren't progressing. Too bad. 9 Likes |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by GavelSlam: 7:46am On Dec 13, 2017 |
9jaDoc: Price of foodstuff has reduced make of it what you will. 19 Likes 1 Share |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by CLIQBOY(m): 7:46am On Dec 13, 2017 |
Isokowadoo:But if NBS said we are back in recession, you will be jubilating 26 Likes 3 Shares |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Caseless: 7:46am On Dec 13, 2017 |
Isokowadoo:when did Zimbabwean currency become that strong? 7 Likes |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by DoTheNeedful: 7:47am On Dec 13, 2017 |
The trade balance should have been presented in dollars. I believe the weakening of the naira against the dollar might be a factor in the high figure. 3 Likes 1 Share |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Firefire(m): 7:48am On Dec 13, 2017 |
Caseless: Stale |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Jeezuzpick(m): 7:48am On Dec 13, 2017 |
Sounds like good news..... It has to be true to really be good news, though. 2 Likes 1 Share |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Nobody: 7:48am On Dec 13, 2017 |
What are Nigeria exporting biko |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by ezebunafo(m): 7:49am On Dec 13, 2017 |
Thank u pmb 5 Likes |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Yyeske(m): 7:49am On Dec 13, 2017 |
Yet haters will continue to hate 9 Likes |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by deco22(m): 7:49am On Dec 13, 2017 |
Out agricultural exports value is still low sha,we should still try and vamp up exportation of agricultural products. 3 Likes 1 Share |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by tesppidd: 7:49am On Dec 13, 2017 |
9jaDoc:That's the problem of Nigerians. Everything is about garri garri garri. The western world took years to get to where they are. But we want garri garri garri overnight. I was a kid when Nigerians started living below 1 dollar a day, when we used to hear that 80 percent of Nigerians live below the poverty line. Then after 2015 suddenly 90 percent of Nigerians want to jump across the poverty line over night. Garri Garri Garri! 27 Likes 3 Shares |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by DonVikings: 7:50am On Dec 13, 2017 |
They are on their way with stomachs filled with anger over this good news. 13 Likes 1 Share
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Aniwhyte(m): 7:50am On Dec 13, 2017 |
SillyMods:. . Since 2014? And u calls him a silent achiever, u guys are really so pathetic. 3 Likes
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by richeeyo(m): 7:50am On Dec 13, 2017 |
9jaDoc:What do you know, NOTHING, comment rubbish because you want to post first 6 Likes 1 Share |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by DonVikings: 7:51am On Dec 13, 2017 |
SalamRushdie:Spotted. The only hogwash we see here is the massive stinking hogwash you just typed. Whether you and the others like yourself like it or not, Nigerians would smile again. You can remain sad and depressed if you like. 28 Likes 2 Shares
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by sunnyside16(m): 7:52am On Dec 13, 2017 |
Yet we are borrowing like there is no tomoro |
Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by correctguy101(m): 7:52am On Dec 13, 2017 |
SMH....
Dem go still share am finish...
yeye dey smell...
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Re: Nigeria’s Trade Balance Exceeds N1 Trillion For First Time Since 2014 – Report by Caseless: 7:53am On Dec 13, 2017 |
9jaDoc:it does. I know if it was otherwise reported, you'd have explained to us why this report(if otherwise) is responsible for the high price of Garri. 5 Likes 1 Share |
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