NBS: Petrol, used vehicles major imports to Nigeria in Q4 2020

The National Bureau of Statistics (NBS) says major imports to Nigeria in the fourth quarter of 2020 (Q4) were motor spirits, better known as petrol, used vehicles, motorcycles and antibiotics.

This is contained in NBS recent report, titled: ‘Commodity Price Indices and Terms of Trade (Q4 2020)’.

It said these major imports were from the top major export and import market of Nigeria in Q4 2020, which were India, Spain, the Netherlands, United States and China.

The bureau also said the top major exports from Nigeria to these countries were crude petroleum and natural gas.

According to the report, the all-commodity group import index increased by 0.13 percent in Q4 2020.

It said: “This was driven mainly by an increase in the prices of base metals and articles of base metals (1.0 percent); boilers, machinery and appliances; parts thereof (1.03 percent); and products of the chemical and allied industries (0.75 percent).

“However, the index was negatively affected by animal and vegetable fats and oils and other cleavage products (1.06 percent), prepared foodstuffs; beverages, spirits and vinegar; tobacco (0.66 percent) and plastic, rubber and articles thereof (0.37 percent)”.

Inversely, the all-commodity group export index decreased by 0.25 percent in Q4 2020.

NBS said this was due to decreases in the prices of wood and articles of wood, wood charcoal and articles (0.49 percent); vehicles, aircraft and parts (0.44 percent); base metals and articles of base metals (0.41 percent).

It also said this was partly mitigated by a increase in the prices of boilers, machinery and appliances (0.66 percent).

The export index decreased by 0.25 percent in Q4 2020 due to declines in export prices to all regions except Asia, which recorded an increase of 0.16 percent.

The report further disclosed that the import index rose 0.13 percent between Q4 2020 due to increases in import prices across all regions except Africa and Europe, which recorded price declines of 0.22 percent and 0.24 percent respectively.