TheCable

The statistics, as revealed by the National Bureau of Statistics (NBS), showed that Nigeria recorded  a general negative trade balance in the first quarter of 2016, which was 22.6 per cent lower that the preceding quarter.

The total value of Nigeria’s merchandise trade at the end of first quarter of 2016 stood at N2,723.9 billion, a 22.6 per cent or N793.5 billion drop from the preceding quarter.

“This development arose due to a sharp decline in both imports and exports,”  the report said.

“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. 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.

“The crude oil component of total trade decreased by N716.7 billion or 46.6 per cent against the level recorded in fourth quarter of 2015.

“The structure of Nigeria’s export trade is still dominated by crude oil exports, with the contribution of crude oil to the value of total domestic export trade amounting to N821.9 billion or 64.7 per cent.”