Ike Amos
18 July 2018, Sweetcrude, Abuja — Nigeria recorded a significant growth in its spending on fuel importation in the first quarter of 2018, rising by 182.54 per cent from the previous quarter to N718.124 billion, according to data obtained from the National Bureau of Statistics, NBS.
According to the first quarter 2018 Foreign Trade Statistics released by the NBS, fuel import in the period under review jumped by N463.96 billion from N254.168 billion recorded in the fourth quarter of 2017.
Again, the amount the country spent on fuel import in the first quarter of 2018 represented an increase of N210.18 billion or 41.38 per cent compared with N507.938 billion recorded in the first quarter of 2017.
The report also showed that Nigeria spent N74.58 billion on the import of gas oil, while lubricating oil import gulped N29.15 billion in the quarter under review.
In addition, the report said: “The value of other oil products imported in the first quarter of 2018, which was N846.31 billion, was 122.70 per cent higher than the value in the fourth quarter of 2017, which was N380.03 billion and 5.51 per cent higher than N802.11 billion recorded in the first quarter of 2017.
“Energy goods imports stood at N32.4 million in the first quarter of 2018, 75.51 per cent lower than N138.01 million recorded in the fourth quarter of 2017, and 205.28 per cent higher than N10.6 million in the first quarter of 2017.”
Generally, the report stated that Nigeria’s total merchandise trade stood at N7.211 trillion in the first quarter of 2018, rising by 19.74 per cent from N6.023 trillion recorded in the fourth quarter of 2017 and a 35.07 per cent growth from N5.34 trillion recorded in the first quarter of 2017.
The report noted that the strong growth of total trade in the review quarter was mainly driven by the strong increase in export.
It added that the country recorded trade surplus of N2.175 trillion in the first quarter of 2018, appreciating by 20.95 percent from N1.798 trillion recorded in the fourth quarter of 2017, and a 221.08 per cent increase from N677.42 billion recorded in the first quarter of 2017.
According to the report, the quarter under review is the first quarter in two years that the country’s trade balance exceeded N2 trillion.
Continuing, the report noted that total imports value was N2.518 trillion in the first quarter of 2018, 19.22 per cent higher than N2.112 trillion recorded in the fourth quarter of 2017 and 8.04 per cent higher than N2.33 trillion recorded in the first quarter of 2017.
