It’s one thing to be jingoistic, it’s another to be
patriotic. Nigerians has gotten a little patriotic via reduction in consumption
of foreign good going by the data from NBS. Nigerians’ penchant for foreign
goods and services fell by 43 percent in 2012, according to figures released by
National Bureau of Statistics, NBS, Monday.
The figures showed a sharp decrease in the value of
imports from N9.8926 trillion in 2011 to N 5.6249 trillion in 2012, a decrease
of 43.1 percent. NBS, in an online statement said there was an increase of 15.5
percent in the value of exports from N19.4404 trillion in 2011 to N 22.4463
trillion in 2012.
The statement said: “The increase in the value of exports
contributed immensely to the visible trade balance of N16.8214 trillion
recorded in 2012. This was a contrast to the visible trade balance of N 9.5477
trillion recorded in 2011.
“The crude oil component of total trade increased by
N1.596.0 trillion or 11 percent, over the level recorded in 2011. The structure
of Nigeria’s export is still determined by crude oil export. The contribution
of crude oil to the value of total domestic export trade amounted to N15.5319
trillion or 69.2 percent in 2012.
“Summary of Nigeria’s export by section revealed that the
highest export product of Nigeria in 2012 was mineral products, which accounted
for N18.868 trillion or 84.1 percent.
“Other products that contributed immensely to Nigeria’s
export includes plastic, rubber and articles, prepared foodstuffs, beverages,
spirits and vinegar, tobacco, whose values stood at N1.5999 trillion or 7.1
percent and N764.2 billion or 3.0 percent of the total exports of Nigeria
during the period under review.
“Details of Nigeria’s exports to various continents of
the world showed that European countries are the highest consumer of Nigeria’s
export.” Nigeria - Good People Great Nation!
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