Nigeria record 15.02% increase in export in Q’3 2019

FOLLOWING the closure of land borders by the Federal Government and placing of ban on some imported items by Central Bank of Nigeria, CBN, the country has recorded an exponential growth of 15.02 percent in export in the last quarter of 2019, as against 8.97 recorded in Q’3, 2018.

A report recently released by the National Bureau of Statistics, NBS, on import and export values, revealed that the value of total exports in Q’3 2019 increased by 15.02 as against the 8.97 percent value recorded in Q’3 2018.

Read:  Lagos suspends Loan Repayment For MSMEs, Tech Start-Ups.

The report further showed that the value of manufactured goods exported increased by 839.44 percent in Q’3 2019 surpassing the Q’3 2018 value.

The notable increase recorded was due to the re-exports of high value Cable Sheaths of Iron, as well as submersible drilling platform, vessels and other floating structures.

Read:  Captain Ijelu, Nwaogwugwu: Meet NAF history making all-female crew

However, despite recording high in the last quarter, the report further showed that the value of agricultural exports decreased by 42.69 percent in Q’3 2019 relative to 7.30 percent as against Q’3 2018.

The report also showed that the value of raw material goods exported in Q’3 2019 decreased by 5.74 percent in Q’3 2019 as against 8.84 percent recorded in Q’3 2018.

Read:  Lagos to setup E-commerce cub for Agric Producers to create export opportunities

Furthermore, the value of solid minerals exported during the period under review decreased by 17.08 percent compared to 34.97 percent recorded in the corresponding quarter in 2018.

Also, according to the report, the export of energy goods decreased in value by 40.06 percent in Q’3 2019 compared to 45 percent recorded in the corresponding period.

Source: Vanguardngr

Related posts

The Nigerian National Petroleum Corporation (NNPC) Inks Floating Liquefied Natural Gas (FLNG) Heads of Agreement with UTM Offshore, Advancing Domestic Gas Use in Nigeria.


Lagos Partners Dangote Foundation, Others For Employment Generation.


Philanthropies pledge $5b to conserve nature at global summit.


International partnership combines Artificial Intelligence (AI) with real-world experience to boost the Nigerian health system.


Nigeria’s, others’ mobile money transaction value hits $130b.


China Backs Nigeria’s Industrial Growth, Receives Automobiles from GAC Motors.


Leave a Comment