ABUJA: Indications that sustained efforts by the federal and state governments to boost non-oil value in Nigeria’s merchandise trade are not yielding the desired results have shown with the total value of the sub-sector accounting for less than 14 per cent of the nation’s merchandise exports in the third quarter of this year.
Even then, the value of manufacturing, non-oil mining and agro processed goods exported during the period, which should naturally reflect the virility of the non-oil sector and success of the economic base diversification agenda of the governments, is estimated to be less than eight per cent of the exports trade value.
An analysis of the latest Foreign Trade Statistics Report by the National Bureau of Statistics for the third quarter showed that while Mineral Products exports totalled N2,025.8 billion or 86.8 per cent of the nation’s exports merchandise trade, the about 13.2 per cent non-oil contribution could not be linked to improved activities in the economy.
For instance, when assessed on exports by session basis, vehicles, aircraft and parts thereof; vessels and some other related items, most of which are not manufactured locally, accounted for N216.2 billion or 9.3 per cent of the exports’ value.
A semblance of what could be how the local economy is performing can only be captured in the exports value of items such as Prepared foodstuffs; beverages, spirits and vinegar; and tobacco with total value of N33.1 billion or 1.4 per cent and Vegetable products which also contributed N9.3 billion or 0.4 per cent of exports, totalling N2,333.2 billion.
The NBS reported: “The value of the nation’s merchandise exports totalled N2,333.2billion in Q3, 2015 a decrease of N320.6billion or 12.1 per cent, over the value (N2,653.8billion, Revised) recorded in the preceding quarter. This decline was attributed to a fall in crude oil exports by N372.8b or 18.8 per cent over the preceding quarter.
“Nevertheless the structure of exports is still dominated by crude oil, which contributed N1,611.5 billion or 69.1 per cent to the value of total domestic exports in 2015. Natural liquefied gas recorded N265.2 billion of the total export value during the period under review.
“Exports by Section revealed that Nigeria exported mainly “Mineral Products”, which accounted for N2,025.8 billion or 86.8 per cent of the total exports. Other products exported by Nigeria include “Vehicles, aircraft and parts thereof; vessels etc.” at N216.2 billion or 9.3 per cent, “Prepared foodstuffs; beverages, spirits and vinegar; tobacco” at 33.1 billion or 1.4 per cent, and “Vegetable products” at N9.3 billion or 0.4 per cent of total exports”, the Bureau stated.
A further analysis of the exports trade by direction showed that Nigeria exported goods mainly to India, Netherlands, Spain, United Kingdom and Brazil, whose values stood at N408.2 billion or 17.5 per cent, N245.1billion or 10.5 per cent, N211.4 billion or 9.1 per cent , N192.2 billion or 8.2 per cent and N169.4 billion or 7.3 per cent respectively.
On the exports flow trend based on continent of destination, the Foreign Trade Statistics Report showed that Nigeria mainly exported goods to Europe and Asia, which accounted for N925.0 billion or 39.6 per cent and N682.5 billion or 29.2 per cent respectively during the period under review.
