The past one year has been tough for businesspeople in Nigeria and the unpleasant situation may not abate before the end of the year, according to the latest report from the National Bureau of Statistics.
The NBS reported that the country’s merchandise trade declined by 11.03 per cent from N29.069tn in 2011 to N25.062tn in 2012.
It also predicted a further decline of 15.40 per cent in trade for the 2013 fiscal year.
It specifically said, in the report signed by the Statistician General of the Federation, Dr Yemi Kale, that the trade value could decline from N25.062tn in 2012 to N21.880tn in 2013.
However, merchandise trade should increase to N27.36tn in 2014, N33.644tn in 2015 and N40.776tn in 2016, the bureau stated.
The NBS said that Nigeria’s external reserves would experience less pressure in 2013 owing to the decrease in demand for foreign exchange to settle high import bills.
For instance, it said the projected increase in the value of total merchandise trade between this year and 2016 are expected to generate higher external reserves through higher exports thereby increasing the supply of foreign exchange than the demand for it.
It said, “As at the third quarter of 2012, the value of total merchandise trade for the country was estimated at N20.885tn over the first three quarters of the year.
“Compared to levels recorded during the first three quarters in 2011, the value of total merchandise trade had remained roughly unchanged, increasing marginally by 0.4 per cent.
“The value of total merchandise trade points to increasing exports over the period while imports have been on the decline. Specifically, imports have continued to trend downwards since the second quarter of 2011, while the value of exports, which increased substantially in late 2011, dipped in the first quarter of 2012, but picked up in the second and third quarters of 2012.
The report also stated that as at the third quarter of 2012, the value of total merchandise trade for the country was N20.885tn over the first three quarters of the year.
Compared to levels recorded during the first three quarters in 2011, the value of total merchandise trade had remained roughly unchanged, increasing marginally by 0.4 per cent.
