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Nigeria’s Merchandise Trade Dip in Q1 2020 – NBS

The Nigerian merchandise trade declined 17.94% in Q1,2020.

The National Bureau of Statistics confirmed this in its quarterly report released on Tuesday.

The NBS said the merchandise trade slowed down in the quarter by 17.94%, compared to the value recorded in Q4,2019 but increased marginally by 0.80% year on year.

It also indicated that the value of total imports decreased by 21.08% in Q1, 2020 compared to the value recorded in Q4,2019 but was 13.99% higher when compared with Q1, 2019.

The value of other oil products imports according to the NBS was 14.21% higher in Q1, 2020 than in Q4, 2019, and 180.05% higher when compared with the corresponding quarter of 2019.

The report further showed that the value of imported Agricultural goods was 12.02% more in Q1 2020 than in Q4, 2019, and 10.62% more than Q1, 2019.

Similarly, the value of raw material imports decreased by 8.49% in Q1,2020 relative to Q4 2019, and 6.91% compared to the corresponding quarter in 2019.

Meanwhile, the value of solid mineral imports was 15.65%, higher in Q1,2020 than the preceding quarter, and 20.05% compared to the corresponding quarter in 2019.

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