The value of Nigeria’s manufactured goods exported in the first quarter of 2018 rose by 684 percent to N434.37 billion from N55.39 billion recorded in the prior quarter ended December 2017, according to data released by the National Bureau of Statistics (NBS) Wednesday.
The statistical agency said the value of manufactured goods exports rose N576.90 percent year-on-year when compared to the N64.17 billion recorded in Q1 2017. This is against a decline of raw material exports, which fell by 13.62 percent in the reporting period to N32.70 billion from N37.85 billion in Q4 2017.
However, raw material exports value for Q1 2018 increased 47.71 percent when compared to the N22.13 billion recorded in Q1 2017.
According to the agency in its Foreign Trade in Goods report, value of Nigeria total exports grew 20 percent quarter-on-quarter and 56 percent year-on-year in the review period.
Details of the exports indicate that export value for agricultural products at N73.24 billion in Q1 2018 was 63.84 percent higher than the value in Q4 2017 (N44.70bn) and 24.01 percent higher than the value recorded in Q1 2017 (N59.06bn).
The value of crude oil exports, the main revenue earner for the country, grew by 10 percent quarter-on-quarter to N3.58 trillion from N3.251 trillion in Q4 2017, which was 50.74 percent higher than the N2.374 trillion in Q1 2017.
The report also indicated that solid minerals export value grew by 12.96 percent in the review period to N26.92 billion from N23.83 billion in Q4 2017 and 58.50 percent year-on-year from the N16.98 billion recorded in Q1 2017.
The value of energy goods export also grew by 8.8 percent to N10.39 billion from N9.55 billion in Q4 2017 and a 16.5 percent growth over the value of N8.92 billion in Q1 2017.
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