BUSINESS NEWS

Nigeria imports N35.2bn solid minerals in three months

NEWSMAN, Abuja – Nigeria exported N5.5bn solid mineral goods while the import component stood at N35.2bn in the third quarter of 2020.

This was disclosed in the foreign trade statistics report for the third quarter of 2020 obtained from the National Bureau of Statistics.

“The total trade in solid mineral goods stood at N40.8bn in Q3, 2020, comprising an import component of N35.2bn and export component of N5.5bn.

“The major products exported under this sector were other cement exported to Niger Republic, worth N1.4bn. This was followed by cement clinkers exported to Cameroon, worth N1.2bn as well as lead ores and concentrate exported to China, worth N1.0bn”, part of the report read.

It added, “In terms of imports, plasters of calcined gypsum were mainly imported from Turkey, worth N4.0bn and Egypt (N1.9bn).

“This was followed by gypsum, imported from Spain worth N4.4bn.

“Crude salt was also imported from Brazil and Namibia worth N3.2bn and N1.9bn respectively”.

According to the NBS, the value of Nigeria’s merchandise trade stood at N8.37tn in Q3 2020.

This represents an increase of 34.15 per cent in Q3, 2020 compared to Q2, 2020 but a decline of 8.85 per cent compared to Q3, 2019. The import component was valued at N5.38tn, representing an increase of 33.77 per cent in Q3, 2020 against the level recorded in Q2, 2020 and 38.02 per cent compared to Q3, 2019, PUNCH reported.

 Value of imports in Q3, 2020 represented the highest level for any quarter since 2017.

The export component accounted for N2.99tn of the total trade in Q3, 2020 indicating an increase of 34.85 per cent compared to the value recorded in Q2, 2020 but a decrease of 43.41 per cent compared to Q3, 2019.

Apart from Q2 2020, the value of exports in Q3 2020 represented the lowest level of any quarter since 2017.

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