Nigeria achieved some milestones in the export of agricultural and manufactured products during the year 2018 as both sectors rose 896.9 percent and 278.2 per cent respective fully over their 2017 levels to 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.
Energy goods recorded the lowest import valued at N178.18 million
The value of Agriculture imports declined by 3.9 per cent from N886.7 billion in 2017 to N851.6 billion in 2018.