• India, Spain, Italy, France And The Netherlands Emerge Topmost Export Trade Partners
• China, India, USA, The Netherlands And Belgium Are Leading Import Trade partners

By Clifford Agugoesi, Editor-in-Chief

Africa’s largest economy, Nigeria posted a negative trade balance with her trading partners in the third quarter(Q3) of 2021, according to statistics reeled out by the Nigerian Bureau of Statistics(NBS).  The Statistician-General Of The Federation & Chief Executive Officer, NBS,   Dr. Simon B. Harry, disclosed this to newsmen at the agency’s Headquarters in  Abuja, north central Nigeria, December 6.

“On …behalf of NBS and based on the authority bestowed on me by the Statistics Act of 2007, I wish to declare that the total merchandise trade statistics for Q3, 2021 stood at N13,284.09 billion (US$32.35million) with its export component as N5,130.30 billion and imports as N8,153.79 billion, thereby resulting to a negative trade balance of N3,023.50 billion,” Dr. B. Harry said.

As per the SG/CEO of NBS, during the “3rd quarter total trade between Nigeria and her trading Partners across the globe stood at N13,284.09 billion of which export trade value was N5,130.30 billion and import trade value was N8,153.79 billion, resulting to a negative trade balance of N3,023.50 billion. This was majorly due to increase in import of Motor Spirit with N1,052.50 billion from N782.46billion, Gas Oil with N225.63billion from N152.53 billion and Imported motorcycles and cycles, imported CKD by established manufacture >50cc<=250cc with N116.34 billion from N94.79 billion representing 34.51 per cent, 47.93 per cent and 22.73 per cent respectively over the preceding quarter. Comparing 3rd quarter to 2nd quarter, 2021, total trade grew by 10.43 per cent from N12,029.64 billion, export trade grew by 1.00 per cent from N5,079.44 billion, import trade also grew by 17.32 per cent from N6,950.21 billion while trade balance recorded a deficit of 61.62 per cent from N1,870.77 billion in Q2, 2021 depicting a decline.”

The Statistician-General of the Federation explained that the data collection was majorly from secondary data sources such as the Nigeria Customs Service (NCS), Nigeria National Petroleum Corporation (NNPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA), Central Bank of Nigeria (CBN), Nigerian Export Processing Zone Agency (NEPZA) , Nigeria Liquified Natural Gas Limited (NLNG), Neroli Technology Limited, Gojopal Nigeria Limited, Anglia International Limited, Oil and Gas Free Zone Agency (OGFZE), Nigeria Electricity Regulatory Commission (NERC), Federal Airports Authority of Nigeria (FAAN), Nigeria Civil Aviation Authority (NCAA), Nigeria Port Authority, among others.

According to him, in terms of exports, Nigerian export trade was mainly dominated by Crude Oil which amounted to N4,026.18billion (78.47%) of total export in the third quarter. This was followed by Natural gas, liquefied with N487.49billion (9.50%), Floating or submersible drilling platforms with N 163.70billion (3.19%) and Urea, whether or not in aqueous solution with N 107.17billion (2.08%).

On the other hand, the NBS boss stated, imports were mainly motor spirit valued at N 1,052.5 billion (12.91%), Durum wheat valued at N 315.17billion (3.87%), Gas oil with N 225.63 billion (2.77%), Used Vehicles N 185.41 billion (2.27%).

He stated that in terms of trading partners, the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1 billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion. Similarly, the top import trading partners in the period under review were China with N2,441.79 billion, India with N710.35 billion, United States with N599.12 billion, Netherlands with N554.23 billion and Belgium with N434.12 billion.

Dr. B. Harry  went further to say that his agency was committed to timely release of foreign trade in goods statistics in keeping with international best practices, while underscoring the critical importance of international trade statistics.

Said he: “In the case of Foreign Trade in Goods Statistics, NBS is expected to release the report at least 60 days after the expiration of the quarter. Thus, as with other macroeconomic indicators such as the Inflation Rate, GDP, Unemployment Rate, Poverty Rate to mention but a few, I wish to reiterate the determination of the National Bureau of Statistics to keep to this statutory mandate. In effect, today’s press briefing is in line with International laid down standard. It is a deliberate arrangement to ensure that data production processes are properly understood and the results accurately reported to all relevant users.

“Accordingly, perhaps, it is pertinent that international trade is an exchange or trade of goods between different nations which cut across international borders or territories. Thus, International Trade Statistics are important indicators that enable countries to prepare multilateral and bilateral negotiation within the framework of common commercial policy and evaluate progress in regional markets such as ECOWAS Trade Liberation Scheme (ETLS), African Continental Free Trade Area (AfCFTA), etc.

In addition, International Trade Statistics help companies to conduct market research and define their commercial strategies. It is also an essential indicator for the computation of balance of payment (BoP) statistics and National Accounts. NBS compiles and publishes Foreign Trade in Goods Statistics Report on quarterly basis.”

Foreign Trade in Goods Statistics records the exchange or trade of goods between Nigeria and her trading partners. It will be recalled that this will be the second time the Statistician General is  presenting  to the public the Foreign Trade in Goods Statistics since his assumption of office.    On the November 15, 2021 and November 18, 2021, respectively, he addressed the Press on the October, 2021 and Q3 2021 Gross Domestic Product (GDP) respectively, consonant with the practice requiring NBS to release to the general public statistical information timely and in line with the Data Release Calendar.

Dr. Simon B. Harry was appointed the Statistician-General of the Federation and Chief Executive of the National Bureau of Statistics by President Muhammadu Buhari on August 26, 2021. He is a multi-disciplinary Statistician whose vast experience in various facets of statistical operations in the Nigerian Statistical System (NSS) spanned over two (2) decades. He holds a B.Sc. degree in Economics with a Second Class Upper Division (2.1) from the famous Ahmadu Bello University Zaria, a Post Graduate Diploma Degree in Statistics (PGDS) from the University of Ibadan, Master’s and Doctorate degrees in Economics from the University of Abuja. He joined the erstwhile Federal Office of Statistics as Statistician 11 in 1992 and rose to the position of a substantive Director of Statistics in 2019.