info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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Nigeria has made outstanding progress in the export of agricultural products and manufactured goods in 2018. The export value of agriculture and manufacturing sectors increased by 896.9% and 278.2% respectively compared with 2017, reaching N302.3 billion and N645.7 billion.
This is as total value of Nigeria’s exports hit a six-year of N19.09 trillion mark on the back of improved non-oil export, despite the continued dominance of crude oil export.
Overall, total export value increased by 40.45 per cent year-on-year from N13.59 trillion in 2017.
According to the National Bureau of Statistics (NBS), Nigeria’s export improved significantly in 2018, and this represents a 6-year all-time high compared to the value of exports in 2014.
Specifically, in 2014, Nigeria’s export trade was valued at N16 trillion. However, the nation’s export trade dropped drastically in 2015 to N9.6 trillion and N8.5 trillion in 2016 respectively. In 2017 and 2018, they rebounded.
Imports also grew significantly to N13 trillion in 2018. Compared to N9 trillion in 2017, representing a 38 per cent growth in imports for the period under review.
Nonetheless, Crude oil export recorded the highest value of exported goods in 2018, and this was valued at N15.7 trillion as against ?11 trillion in 2017.
Manufactured goods topped the list of import value in 2018 at N7.5 trillion.
