Cargo Value Increased In Three Months

The value of cargo throughput recorded by the different seaports in Nigeria increased in the first quarter of 2021.

This is from N4.44 trillion in the first quarter 2020 to N6.85 trillion in the same period in 2021.

According to the release by the National Bureau of Statistics (NBS) on trade between Nigeria and foreign countries indicates that it is the highest quarterly import in over 12 years.

Total trade in the period stood at N9.76tn, 14 percent higher than N8.55tn recorded in Q1 2020.

Cargos imported from China topped the chart with N2.01tn, accounting for about 29.3 per cent in the period under review.

The other countries that recorded the highest shipment to Nigeria are The Netherlands with imports valued at N726.1bn, and the USA with N608.1bn. India accounted for 8.6 per cent with N589.1bn and Belgium N238.5bn).

Others on the list include Germany (N190.1bn), Russia (N189.6bn), Italy (N178.3bn), United Kingdom (N133.4bn) and South Korea (N129.6bn).

A breakdown of the imports showed that Nigeria imported petrol worth N687.74bn in the review period, representing a 19.88 per cent increase compared to N573.69bn in Q4 2020.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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