Post by Trade facilitator on Feb 1, 2021 13:42:10 GMT 1
Nigeria Imports N35.2bn Solid Minerals and Exported N5.5bn Worth in Three Months
The National Bureau of Statistics (NBS), the national body saddled with the responsibility of taking statistics of activities in the country has revealed that the country imported solid minerals valued at N35.2 billion, as against N5.5 billion received from the export of solid minerals in the last quarter of year 2020. This information was contained in their foreign trade statistics report for the third quarter of 2020.
The report also revealed that the major products exported under this sector were; Cement to Niger Republic valued at N1.4 billion,
Cement Clinkers worth N1.2 billion to Republic of Cameroun,
Lead ores and Concentrate exported to China valued at N1.0 billion.
The report also stated that the following were imported during the period in question.
Plasters of calcined gypsum were imported from Turkey, valued at N4.0 billion,
The same product was also imported from Egypt, valued at N1.9 billion.
Gypsum imported from Spain worth N4.4 billion.
Crude salt was imported from Brazil worth N3.2 billion.
Crude salt also was imported from Namibia valued at N1.9 billion.
According to the report by the National Bureau of Statistics, the value of Nigeria’s merchandise trade stood at N8.37 trillion in the third quarter of year 2020. This represents an increase of 34.15 percent compared to quarter two of 2020, but represents a decline of 8.85 per cent compared to Q3 of the year 2019.
Total trade year to date amounted to N23.2 trillion.
The import component of the trade merchandise stood at N5.38 trillion, representing an increase of 33.77 per cent in quarter three 2010 against the same period in quarter two of 2020, and 38.02 per cent compared to Q3, 2019. The value for imports in quarter three of 2020 shows that it is the highest compared to any level since 2017.
The export component accounted for N2.99 trillion of the total trade in quarter three of 2020 indicating an increase of about 34.85 per cent compared to the value recorded in Q2, 2020 but a decrease of 43.41 per cent compared to quarter three of 2019.
Apart from quarter two of 2020, the value of exports in quarter three of 2020 represented the lowest of any quarter since the year 2017.
Of all the products imported into the country during the quarter in question, the one that intrigues me most is crude salt; this is because we spent a whopping N5.1 billion on the importation. There are many locations in Nigeria where crude salt can be found. Ebonyi state where I was born has salt deposits in large quantities. Their slogan is “The Salt of The Nation’, and I know from childhood that there are a lot of salt deposits there.
It is very painful that we have so much deposits of crude salt in the country including rock salt in the northern part of the country, yet we spend billions of naira importing the same thing into the country. Yes, we have huge deposits of salt in the following states, Benue, Cross River, Ebonyi, Abia, Taraba, and Nasarawa states.
If our leaders are really interested in bringing down the country’s import bill in order to conserve foreign exchange for more crucial manufacturing parts and equipment import, the opportunities abound in the country.
Research has it that about 1.5 billion tonnes of crude salt has been found in Nigeria, yet we are spending our meager foreign exchange resources on a commodity we have in abundance even more than the countries we are importing from. What an irony for us to even think of importing such a commodity into this country. Nigeria is supposed to be exporting salt to other African countries if not to the developed countries.
The National Bureau of Statistics (NBS), the national body saddled with the responsibility of taking statistics of activities in the country has revealed that the country imported solid minerals valued at N35.2 billion, as against N5.5 billion received from the export of solid minerals in the last quarter of year 2020. This information was contained in their foreign trade statistics report for the third quarter of 2020.
The report also revealed that the major products exported under this sector were; Cement to Niger Republic valued at N1.4 billion,
Cement Clinkers worth N1.2 billion to Republic of Cameroun,
Lead ores and Concentrate exported to China valued at N1.0 billion.
The report also stated that the following were imported during the period in question.
Plasters of calcined gypsum were imported from Turkey, valued at N4.0 billion,
The same product was also imported from Egypt, valued at N1.9 billion.
Gypsum imported from Spain worth N4.4 billion.
Crude salt was imported from Brazil worth N3.2 billion.
Crude salt also was imported from Namibia valued at N1.9 billion.
According to the report by the National Bureau of Statistics, the value of Nigeria’s merchandise trade stood at N8.37 trillion in the third quarter of year 2020. This represents an increase of 34.15 percent compared to quarter two of 2020, but represents a decline of 8.85 per cent compared to Q3 of the year 2019.
Total trade year to date amounted to N23.2 trillion.
The import component of the trade merchandise stood at N5.38 trillion, representing an increase of 33.77 per cent in quarter three 2010 against the same period in quarter two of 2020, and 38.02 per cent compared to Q3, 2019. The value for imports in quarter three of 2020 shows that it is the highest compared to any level since 2017.
The export component accounted for N2.99 trillion of the total trade in quarter three of 2020 indicating an increase of about 34.85 per cent compared to the value recorded in Q2, 2020 but a decrease of 43.41 per cent compared to quarter three of 2019.
Apart from quarter two of 2020, the value of exports in quarter three of 2020 represented the lowest of any quarter since the year 2017.
Of all the products imported into the country during the quarter in question, the one that intrigues me most is crude salt; this is because we spent a whopping N5.1 billion on the importation. There are many locations in Nigeria where crude salt can be found. Ebonyi state where I was born has salt deposits in large quantities. Their slogan is “The Salt of The Nation’, and I know from childhood that there are a lot of salt deposits there.
It is very painful that we have so much deposits of crude salt in the country including rock salt in the northern part of the country, yet we spend billions of naira importing the same thing into the country. Yes, we have huge deposits of salt in the following states, Benue, Cross River, Ebonyi, Abia, Taraba, and Nasarawa states.
If our leaders are really interested in bringing down the country’s import bill in order to conserve foreign exchange for more crucial manufacturing parts and equipment import, the opportunities abound in the country.
Research has it that about 1.5 billion tonnes of crude salt has been found in Nigeria, yet we are spending our meager foreign exchange resources on a commodity we have in abundance even more than the countries we are importing from. What an irony for us to even think of importing such a commodity into this country. Nigeria is supposed to be exporting salt to other African countries if not to the developed countries.
