Nigeria’s Import, Export Bills Slide by N793.5billion in Q1 2016

The National Bureau of Statistics, NBS, stated that Nigeria recorded negative trade balance, while the value of total exports and imports have plunged by N793.5billion or 22.6 per cent within the last one quarter of 2016.

The Bureau in a statement, noted that the falling export figures have resulted in negative trade balance for Nigeria.

The figures and changes are based on comparison with data for last quarter of last year and the first quarter of this year.

“The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at N2,723.9 billion.

“From the preceding quarter value of N3,517.4 billion, this was N793.5billion or 22.6 per cent less; this development arose due to a sharp decline in both imports and exports.

“Exports saw a decline of N671.1 billion or 34.6 per cent, while imports declined by N122.4 billion or 7.8 per cent.

NBS said: “The steep decline in exports brought the country’s trade balance down to N184.1 billion, or N548.7bilIion less than in the preceding quarter.”