EXPORT AND IMPORT INFORMATION ON NIGERA (YEAR 2014 ONLY)
Sourced from http://atlas.media.mit.edu/en/profile/country/nga/
Displayed in form below by Bolaji Aluko
TABLE 1: EXPORTS AND IMPORTS – BY PRODUCTS
| EXPORTS |
| EXPORTS & IMPORTS | ||||
| S/N | Narrow Item | Amount $Bn |
| Broad Category | Export Amount $Bn | Import Amount $Bn |
| 1 | Crude Petroleum | 74 | 1 | Mineral Products | 91.6 | 8.47 |
| 2 | Petroleum Gas | 13.2 | 2 | Wood Products | 0.344 | 0.194 |
| 3 | Refined Petroleum | 4.23 | 3 | Metals | 0.727 | 5.05 |
| 4 | Pyrophoric Alloys | 1.9 | 4 | Stone & Glass | 0.018 | 0.769 |
| 5 | Special Purpose Ships | 1.25 | 5 | Animal and Vegetable Bi-Products | 0.00828 | 0.746 |
|
| Sub-Total | 94.58 | 6 | Paper Goods | 0.529 | 0.977 |
| 6 | Others | 5.12 | 7 | Vegetable Products | 0.549 | 2.6 |
| TOTAL |
| 99.7 | 8 | Animal Products | 0.0787 | 1.69 |
|
|
|
| 9 | Foodstuffs | 1.07 | 2.7 |
| IMPORTS | 10 | Weapons | 1.43259 | 0.0613 | ||
| S/N | Item | Amount $Bn | 11 | Footwear and Headwear | 0.0674 | 0.666 |
| 1 | Refined Petroleum | 7.83 | 12 | Animal Hides | 0.422 | 0.138 |
| 2 | Cars | 1.75 | 13 | Textiles | 0.728 | 2.64 |
| 3 | Wheat | 1.46 | 14 | Transportation | 1.37 | 5.45 |
| 4 | Motorcycles | 0.877 | 15 | Machines | 0.173 | 11.1 |
| 5 | Iron Structures | 0.780 | 16 | Hides & Antiques | 0.0023 | 0.0175 |
|
| Sub-Total | 12.697 | 17 | Precious Metals | 0.252 | 0.151 |
| 6 | Others | 39.603 | 18 | Chemical Products | 0.102 | 4.32 |
| TOTAL |
| 52.3 | 19 | Instruments | 0.0135 | 0.638 |
|
|
|
| 20 | Plastics & Rubbers | 0.209 | 3.15 |
|
|
|
| 21 | Miscellaneous | 0.00423 | 0.830 |
|
|
|
|
| TOTAL | 99.7 | 52.3578 |
|
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|
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|
|
TABLE 2: EXPORTS AND IMPORTS – BY COUNTRY AND REGION
| EXPORT DESTINATIONS (BY COUNTRY) |
| EXPORT & IMPORT (BY REGION) | ||||
| S/N | Item
| Amount $Bn |
| Continent | Export Amount $Bn | Import Amount $Bn |
| 1 | India | 15.2 |
| Asia | 32.9 | 23.8 |
| 2 | Spain | 9.7 |
| Oceania | 1.48 | 0.501 |
| 3 | Brazil | 8.77 |
| Africa | 10.9 | 2.59 |
| 4 | Netherlands | 5.59 |
| South America | 10.5 | 1.3 |
| 5 | France | 5.48 |
| North America | 5.23 | 6.11 |
|
| Sub-Total | 44.74 |
| Europe | 38.6 | 18 |
| 6 | Other | 54.96 |
| TOTAL | 99.61 | 52.301 |
| TOTAL |
| 99.70 |
|
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|
|
|
|
|
|
|
|
|
| IMPORT ORIGINS (BY COUNTRY) |
|
|
|
| ||
| S/N | Item | Amount $Bn |
|
|
|
|
| 1 | China | 13.6 |
|
|
|
|
| 2 | US | 5.54 |
|
|
|
|
| 3 | Netherlands | 3.4 |
|
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|
| 4 | India | 2.98 |
|
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|
| 5 | Belgium-Luxembourg | 2.59 |
|
|
|
|
|
| Sub-Total | 28.11 |
|
|
|
|
| 6 | Other | 23.19 |
|
|
|
|
| TOTAL |
| 52.30 |
|
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Table 3: Impact of Exchange Rate, Price of Crude Oil and Oil Production on Government Revenue (Trillions of Naira)
|
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|
|
|
|
|
| Crude Production, Million barrels/day=> | 1.5 | 2 | 2.2 | 2.5 |
| Crude Price, US$/barrel | Forex, N/U$ |
|
|
| |
| 35 | 150 | 2.874 | 3.833 | 4.216 | 4.791 |
|
|
|
|
|
|
|
| 35 | 165 | 3.162 | 4.216 | 4.637 | 5.270 |
|
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|
|
|
|
|
| 35 | 200 | 3.833 | 5.110 | 5.621 | 6.388 |
|
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|
| 35 | 250 | 4.791 | 6.388 | 7.026 | 7.984 |
|
|
|
|
|
|
|
| 35 | 300 | 5.749 | 7.665 | 8.432 | 9.581 |
|
|
|
|
|
|
|
| 35 | 320 | 6.132 | 8.176 | 8.994 | 10.220 |
|
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|
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|
|
|
| 35 | 350 | 6.707 | 8.943 | 9.837 | 11.178 |
|
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|
|
|
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|
| 40 | 150 | 3.285 | 4.380 | 4.818 | 5.475 |
|
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|
|
|
|
|
| 40 | 165 | 3.614 | 4.818 | 5.300 | 6.023 |
|
|
|
|
|
|
|
| 40 | 200 | 4.380 | 5.840 | 6.424 | 7.300 |
|
|
|
|
|
|
|
| 40 | 250 | 5.475 | 7.300 | 8.030 | 9.125 |
|
|
|
|
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|
|
| 40 | 300 | 6.570 | 8.760 | 9.636 | 10.950 |
|
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|
|
|
|
|
| 40 | 320 | 7.008 | 9.344 | 10.278 | 11.680 |
|
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|
|
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|
|
| 40 | 350 | 7.665 | 10.220 | 11.242 | 12.775 |
|
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|
| 50 | 150 | 4.106 | 5.475 | 6.023 | 6.844 |
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| 50 | 165 | 4.517 | 6.023 | 6.625 | 7.528 |
|
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| 50 | 200 | 5.475 | 7.300 | 8.030 | 9.125 |
|
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| 50 | 250 | 6.844 | 9.125 | 10.038 | 11.406 |
|
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|
|
|
| 50 | 300 | 8.213 | 10.950 | 12.045 | 13.688 |
|
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| 50 | 320 | 8.760 | 11.680 | 12.848 | 14.600 |
|
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|
|
| 50 | 350 | 9.581 | 12.775 | 14.053 | 15.969 |
|
|
|
|
|
|
|
| 100 | 150 | 8.213 | 10.950 | 12.045 | 13.688 |
|
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|
|
|
|
|
| 100 | 165 | 9.034 | 12.045 | 13.250 | 15.056 |
|
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|
| 100 | 200 | 10.950 | 14.600 | 16.060 | 18.250 |
|
|
|
|
|
|
|
| 100 | 250 | 13.688 | 18.250 | 20.075 | 22.813 |
|
|
|
|
|
|
|
| 100 | 300 | 16.425 | 21.900 | 24.090 | 27.375 |
|
|
|
|
|
|
|
| 100 | 320 | 17.520 | 23.360 | 25.696 | 29.200 |
|
|
|
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|
|
|
| 100 | 350 | 19.163 | 25.550 | 28.105 | 31.938 |
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--The analysis below by SteveK (Compound fool), simplistic as it may be, captures the essence of the arguments against devaluation. As said, it only benefits if the country has a diversified export base, otherwise, the country will be transferring real resources it could use itself to other countries.
As rightly pointed out, oil is the main thing we export that fetches the bulk of the foreign exchange we rely for development. Oil prices and quantity are fixed by OPEC and for what purpose do we devalue the Naira – to allow foreign firms, in the guise of Foreign Direct Investment (FDI) come and asset strip Nigeria? Referring to cassava that has been raised – this is another adverse effects of devaluation that I mentioned earlier on in one of my responses to this issue that has been largely ignored. The price of cassava is now beyond the reach of the average Nigerian, as it is mainly produced and sold abroad for 'hard currencies' that exporters hardly repatriate back to the country, resulting in a lose-lose, as opposed to a win-win situation; locals are denied their staple food, and the foreign currencies obtained from the export of such commodities do not return back to Nigeria.
If industrialisation is the strategy, it makes sense not to devalue and source the industrial equipment for industrialisation. However, added point raised by SteveK regarding the quality of industrial products is a double edge sword. Critics would argue that pursuing industrialisation is a futile exercise if industrial outputs would be considered inferior to locally produced goods, and given local tastes for imported goods and services, these industries, no matter how protected under the 'infant industry' protection strategy, may never be able to compete with imports.
A counter argument would be that many products from Nigeria – tomato puree, toothpastes, soaps, etc etc sell very well at home and consume by more than 80% of Nigerians who can afford it. In other words, the imports that get sucked in that cost us huge foreign exchange allocation are to satisfy the taste and preferences of about 20% of Nigerians. One can also point to the fact that Nigerians in the Diaspora massively consume these products – Guinness, Gulder, Star, Fanta, Maltex etc etc; body lotion and cream of all sorts. The difference is that these items are imported in wholesale sizes and packaged in the Europe and America – something that is rapidly gaining ground now in Nigeria. If we devalue, the packaging machines, papers, and other complimentary inputs would become unaffordable.
To cut the story short, here is a man that has been elected into office on the promise that he would do things differently. Four years is like yesterday, indeed, a year is almost gone – so, he should be allowed to pursue his policies as he deem fit. If at the end of the day, he fails, he will be the one that carries the consequences. No doubt some or many would suffer along the way, so long as this pain and suffering are equally shared, it should easily be internalised or accommodated.
OJ
From: NIgerianWorldForum@yahoogroups.com [mailto:NIgerianWorldForum@yahoogroups.com]
Sent: 25 May 2016 17:44
To: NaijaObserver@yahoogroups.com
Cc: IgboEvents@yahoogroups.com; naijapolitics@yahoogroups.com; NIgerianWorldForum@yahoogroups.com; African GM; Okonkwonetworks; Yahoo! Inc.; Yahoo! Inc.; Ra'ayi Riga; nigerianid@yahoogroups.com; Yahoo! Inc.; Abba; wharfsnake@yahoo.com; olakassimmd@aol.com; Agbor Ike; nebukadineze@aol.com; NaijaEvent@googlegroups.com; Oyo State Intellectual Forum; NAIJA Dream Team Intellectuals; Naija Observer; Yahoo! Inc.
Subject: [NIgerianWorldForum] Re: ||NaijaObserver|| At Last, Central Bank to Introduce Flexible Exchange Rate Regime | THISDAYLIVE
Imperial,
Let me start out by making clear that I don't know any high-faluting economic or monetary theories; just commonsensical observation from history.
Devaluation does not benefit the importer. It benefits the exporter. This is because it is profitable to you if, for the same cost you produce an item, the importer has devalued its currency to pay more your product at constant cost.
The importer, it just spends more to get less. And if devaluation goes far enough - like in Zimbabwe - the importer cannot afford much anymore and it begins to hurt the exporter. It is at this point that the exporter, itself, begins to fight against devaluation to keep the importer from zero consumption.
It is a simple game.
That is why the only remedy against a declining currency - as the Naira is - is not devaluation but increase in exportation for Nigeria.
But exportation of what?
Currently, the only export Nigeria can bank on is oil. Even so, hardly any importer is waiting in line to import Nigerian oil.
Going by a recent report, and the only things Nigerians have to export is cassava (just read that from a Calabar farm), probably, only to West African countries and, possibly, to Latin America where they use in loco manioc or yucca (a related species to West African cassava).
Nigerian manufactured products, generally, are mere inferior local substitutes. The local substitutes - that others are extolling - are substitutes because of their inferior quality and have value only in Nigeria. So, how do you propose that they are exported? Exported to those who already make the superior quality of the same product that will sell cheaper in their societies than the inferior Nigeria equivalent?
That's why Nigerians prefer imported products. Therefore, Nigerian substitutes, which Nigerians will be stuck with if importation is banned or severely limited with be mere punishment without long term value.
Some of those who favor devaluation (not littleboy and his ilk) mean well, but I think that they have unintentionally or deliberately avoided considering this important link in the chain.
No one will buy Nigerian products until they are improved. And if Nigeria is not exporting in a meaningful way, the Naira will continue to go the Zimbabwean way, i.e., interminable devaluations.
So, the solution is not to devalue but to improve the quality of existing products for export and increase exportation significantly, even if the only thing we are exporting is the likes of Jonathan to the Ivory Coast!
That's how the Chinese did it under Mao Zedong when they cut themselves from the world for 30 years.
No, what Pres. Buhari is doing is not even a partial answer; just caving in out of desperation to be hated less. China would be in Nigeria's position if Mao Zedong acted to be hated less because he, too, was really hated early in his time.
Stevek
Mitchellville, Maryland
The most dangerous trend in the world today is the growing awareness of the common man - Zbigniew Brzezinsky 1978
A wise man proportions his beliefs with evidence - David Hume
From: "Imperial imperial_ltd@yahoo.com [NaijaObserver]" <NaijaObserver@yahoogroups.com>
To: NaijaObserver@yahoogroups.com
Cc: IgboEvents@yahoogroups.com; naijapolitics@yahoogroups.com; NIgerianWorldForum@yahoogroups.com; African GM <africanworldforum@googlegroups.com>; Okonkwonetworks <okonkwonetworks@googlegroups.com>; Yahoo! Inc. <omoodua@yahoogroups.com>; Yahoo! Inc. <yanarewa@yahoogroups.com>; Ra'ayi Riga <raayiriga@yahoogroups.com>; "nigerianid@yahoogroups.com" <nigerianID@yahoogroups.com>; Yahoo! Inc. <TalkNigeria@yahoogroups.com>; Abba <abba2007@gmail.com>; wharfsnake@yahoo.com; olakassimmd@aol.com; Agbor Ike <ikeagbor@yahoo.com>; nebukadineze@aol.com; NaijaEvent@googlegroups.com; Oyo State Intellectual Forum <Oyo-forum@yahoogroups.com>; NAIJA Dream Team Intellectuals <naijadreamteamintellectuals@yahoogroups.com>; Naija Observer <naijaobserver@googlegroups.com>; Yahoo! Inc. <AfricanWorldForum@yahoogroups.com>
Sent: Wednesday, May 25, 2016 11:51 AM
Subject: Re: ||NaijaObserver|| At Last, Central Bank to Introduce Flexible Exchange Rate Regime | THISDAYLIVE
Partial ok answer .
Sent from my iPhone
On 25 May 2016, at 3:45 PM, C15201947 c15201947@aol.com [NaijaObserver] <NaijaObserver@yahoogroups.com> wrote:
The solution is not the draconian devaluation of naira.
What will change the perpetual exercise in futility is investments in Nigerian economy
and citizens. Quality education, good roads, steady electricity, clean drinking water,
quality hospitals, tight security...are what will spur citizens to produce and boost GDP.
But first thing first, political stability; for naira to have value, Nigerians must have control of their government and be able to elect who leads them in a free and fair elections. Until then any intervention in the downward draft of naira and economy is a waste of time.
Sent from my iPad
On May 25, 2016, at 12:14 AM, Little Boy thinklillies@gmail.com [NaijaObserver] <NaijaObserver@yahoogroups.com> wrote:
WE PREDICTED IT THAT THE GOVERNMENT WOULD EVENTUALLY SMELL THE COFFEE AND DO THE RIGHT THING THOUGH OUR 'ECONOMIST' FRIENDS ABUSED US AND SAID MR PRESIDENT WAS RIGHT TO RULE OUT DEVALUATION IN AN ATMOSPHERE OF LOW FOREIGN RESERVES, LOW SUPPLY AND HEIGHTENED DEMAND FOR FX.
WE'VE BEEN VINDICATED.
NOW, IFTHE GOVERNMENT/CBN COULD DO THIS ALL THIS WHILE, WHY WAIT UNTIL THE VISIBLY AND EXTREMELY WRONG CURRENCY POLICY BROUGHT THE ECONOMY TO ITS KNEES AND TOOK US INTO RECESSION? WE'RE NOW DEVALUING THE NAIRA BEYOND WHERE IT WOULD HAVE SETTLED HAD WE TAKEN THE RIGHT STEPS OF CONTROLLED DEVALUATION AT THE RIGHT TIME.
THE CBN IS BLAMING THE DELAYED 2016 BUDGET FOR THE DISMAL SITUATION WHERE OUR ECONOMY CONTRACTED FOR THE FIRST TIME IN 25 YEARS. IF THAT TRULY IS THE REASON, THE GOVERNMENT, THE OWNER OF THE BUDGET PROCESS, CAN NOT ESCAPE BLAME FOR THE DELAYED BUDGET. BUT AS IMPERIAL AND SOME OF OUR FRIENDS ARGUED, THIS WAS NOT THE FIRST TIME A BUDGET WAS SO DELAYED IN OUR HISTORY. WHY IS THIS CASE DIFFERENT TO HAVE CAUSED US THE FIRST GDP CONTRACTION IN 25 YEARS? IT WAS LARGELY THE WRONG CURRENCY POLICY THAT BROUGHT THE INDUSTRIES AND PRODUCTIVE SECTORS TO THEIR KNEES EXCEPT FOR SOME PRIVILEGED FEW IN THOSE SECTORS.
IT WAS INEVITABLE AND ONLY A MATTER OF TIME FOR SOMETHING TO GIVE, AND NOW THE GOVERNMENT HAS BOWED TO PRESSURE AND OFFICIALLY DEVALUED THE NAIRA BUT STILL LEAVING A WINDOW FOR SUBSIDISED FX FOR "CRITICAL IMPORTS" IN A SECTION OF THE FX MARKET. MOST INFORMED NIGERIANS WOULD BE INTERESTED TO KNOW WHAT CONSTITUTES THE "CRITICAL IMPORTS" AND WHO GETS WHAT UNDER THAT DEFINITION.
WHAT WE KNOW IS THAT A MARKET SITUATION WHICH ALLOWS FOR ARBITRAGE IN THE SAME MARKET IS ALWAYS AN AVENUE FOR RENT AND CORRUPTION AND ALWAYS SUBJECT TO ABUSE. WE ALL REMEMVER THE RECENT CONTROVERSIAL ADVERTISEMENTS BY BUA GROUP THAT DANGOTE WAS BEING FAVOURED OVER THEM IN SUBSIDISED FX ALLOCATION. SOON AFTERWARDS, THE NOISE DIED DOWN AND MANY PEOPLE SAID BUA WAS APPEASED WITH PRIOTISED FX ALLOCATION TOO. WE DON'T KNOW THE EXACT DETAILS OF WHAT TRANSPIRED BUT ARBITRAGE WOULD ALWAYS BRING SUCH ISSUES AND SUSPICIONS.
WE HOPE WE DO THE RIGHT THING BY MERGING THE TWO WINDOWS EVENTUALLY.
Sent from my BlackBerry 10 smartphone.
From: Joe Attueyi topcrestt@yahoo.com [NaijaObserver]
Sent: Wednesday, 25 May 2016 06:40
To: Yahoo! Inc.; Politics Naija; African GM; Okonkwonetworks; Yahoo! Inc.; Yahoo! Inc.; Ra'ayi Riga; Yahoo! Inc.; nigerianid@yahoogroups.com; Yahoo! Inc.; Abba; wharfsnake@yahoo.com; olakassimmd@aol.com; Agbor Ike; nebukadineze@aol.com; NaijaEvent@googlegroups.com; imperial_ltd@yahoo.com
Reply To: NaijaObserver@yahoogroups.com
Subject: ||NaijaObserver|| At Last, Central Bank to Introduce Flexible Exchange Rate Regime | THISDAYLIVE
I wonder what the 'economic patriots' now think? We have burnt through our reserves 'defending the Naira' and gained a contracting economy heading to recession in return
Totally foreseeable and totally avoidable
Issoraight o!
Joe
http://www.thisdaylive.com/index.php/2016/05/25/at-last-central-bank-to-introduce-flexible-exchange-rate-regime/
Sent from my iPhone
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