Inflation Rate Hits 15.70 Percent In February As Nigeria Records N173.96 billion Trade Deficit In Q4

The effects of the current economic downturn occasioned by the epileptic power supply and fuel scarcity have manifested as the nation recorded increase in inflation rate at 15.70 percent in February 2022.

Also, Nigeria recorded merchandise trade deficit of N173.96 billion in the fourth quarter of the year 2021

These were revealed by the Statistician General of the Federation, Dr. Simon Harry in news briefing on Foreign trade statistics for fourth quarter 2021 and February 2022 Consumer Price Index (CPI) in Abuja.

According to Dr. Harry, “the total merchandise trade statistics for Q4, 2021 was N11,707.20 billion with its export component as N5,766.62 billion and import’s as N5,940.58 billion thereby resulting to a negative trade balance of N173.96 billion.

“Also, that the nation recorded an Inflation Rate of 15.70 percent in February 2022 on year-on-year basis, which is 0.10 percent points higher than the 15.60 percent recorded in January 2022.”

The Statistician General explained that total trade in Q4, 2021 was 11.79 percent higher when compared to the value recorded in Q3, 2021 with N10,472.42 billion.

He said that export trade grew by 12.27 percent from N5,136.56 billion while import trade grew by 11.33 percent from N5,335.86 billion in Q3 2021.

“In terms of exports, Nigerian export trade was mainly dominated by Crude Oil which amounted to N4,269.36 billion (74.04 percent) of total exports during the fourth quarter of 2021. This was followed by Natural gas, liquefied with N573.85 billion (9.95 percent), Floating or submersible drilling platforms with N 265.33 billion (4.60 percent) and Urea, whether or not in aqueous solution with N208.05 billion (3.61 percent).

“On the other hand, major products imported were Motor spirit, valued at N1,443.91 billion (24.31 percent), followed by Durum wheat, valued at N397.19 billion (6.69 percent), and Rolled iron/steal, others with N88.23 billion (1.49 percent)

On the inflation, he said: “The highest increases were recorded in prices of gas, liquid fuel, wine, tobacco, spirit, narcotics, solid fuels, cleaning, repair and hire of clothing, garments, shoes and other foot wear, other services in respect of personal transport equipment, clothing materials, other articles of clothing and clothing accessories and other services”.

Details later….