‘Food importation drops in 2015 Q4’

PHOTO: tradenewswire.net

PHOTO: tradenewswire.net

Following balance of trade difficulties caused by drop in world oil and gas price, Nigeria has recorded a decrease in volume of imported food products and live animals, among others.

According to Fourth Quarter 2015, Import and Export Trade volume report released by the National Bureau of Statistics (NBS) in Abuja, general import levels saw a decline with imported food and live animals having merely 15.0 per cent of import size at the end of quarter four (Q4) of 2015.

The structure of Nigeria’s import according to the report showed that machinery and transport equipment got the lion’s share of import volume in the period under review with 32.4 per cent import volume, followed by mineral fuel import, which had 18.5 per cent of import volume in the period under review.

“The report indicates that value of Nigeria’s imports stood at N1,576.4 billion at the end of Q4 in 2015, 6.6 per cent less than the N1,688.2 billion recorded in the preceding quarter. Comparison with the corresponding quarter of 2014 showed a decrease of N454.6 billion or 22.4 per cent.

“The structure of Nigeria’s imports, according to SITC, was dominated by the imports of “machinery and transport equipment”, “mineral fuel”, and “food and live animals”, which accounted for 32.4 per cent, 18.5 per cent and 15.0 per cent in 2015,” the NBS said.



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