In the wake of challenges facing the country in the recent times, it has been revealed that Nigeria’s export trade has been on a downward spiral since January 2013, as it is with a report released by the National Bureau of Statistics (NBS).

The report shows that the total value of Nigeria’s exports trade in 2015 was N7,251.6 billion or 30.6 per cent less than the total trade value recorded for 2014. Labeled: ‘Merchandise Trade Declines in Q4, 2015,’ the NBS report rued the poor state of foreign trade in the fourth quarter of 2015.

Though, the report pointed out that Nigeria is succeeding in curbing citizens’ appetite for rather frivolous imported goods as there is a reported decrease of N454.6billion or 22.4 per cent in the quarterly comparisons. The report further shows that the total value of Nigeria’s merchandise trade during the Fourth Quarter of 2015 stood at N3,653.1billion, 9.2 per cent lower than the value of N4,021.4billion recorded in the preceding quarter.

But for the 2015 calendar year, the country’s total trade was recorded to be N16,426.8billion, amounting to N7,251.6 billion or 30.6% less than the total trade value recorded for 2014. However, this development was induced by sharp decline of the value of exports; from N16,304.0billion in 2014 to N9,728.8 billion in 2015, which indicates a decline of 40.3 per cent.

Moreover, NBS stated a decrease of N676.4billion or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance, which stood at N3,030.8 billion, N5,898.9 billion less than the value in 2014.

According to NBS; “The value of Nigeria’s imports stood at N1,576.4 billion at the end of Q4, 2015; this was 6.6 per cent less than the value (N1,688.2billion) recorded in the preceding quarter. Comparison with the corresponding quarter of 2014, showed a decrease of N454.6 billion or 22.4 per cent.

Credit : Daily Times