Nigeria’s total trade drops by 17.94% in Q1 2020

Nigeria’s total trade in the first quarter of 2020 witnessed a steep drop by 17.94 per cent when compared to the value recorded in Q4, 2019 but increased marginally by 0.80 per cent year on year.

According to latest data from the National Bureau of statistics, the slowdown in merchandise trade was attributed to the twin shock facing the economy – the fall in oil prices and the coronavirus impact on the economy.

It also indicated that the value of total imports decreased by 21.08 per cent in Q1, 2020 compared to the value recorded in Q4, 2019 but was 13.99 per cent higher when compared with Q1, 2019.

The value of other oil products imports according to the NBS was 14.21 per cent higher in Q1, 2020 than in Q4, 2019 and 180.05 per cent higher when compared with the corresponding quarter of 2019.

The report further showed that the value of imported Agricultural goods was 12.02 per cent more in Q1 2020 than in Q4, 2019 and 10.62 per cent more than Q1, 2019.

Similarly, the value of solid minerals imports was 15.65 per cent, higher in Q1, 2020 than the preceding quarter and 20.05 per cent compared to the corresponding quarter in 2019.

Meanwhile, the value of raw material imports decreased by 8.49 per cent in Q1, 2020 relative to Q4 2019, and 6.91 per cent compared to the corresponding quarter in 2019.

Also the value of raw material imports decreased by 8.49 per cent in Q1, 2020 relative to Q4 2019, and 6.91 per cent compared to the corresponding quarter in 2019.