By Adedapo Adesanya
Nigeria recorded a 0.51 per cent increase in all-commodity group import index in the first quarter of 2024, the National Bureau of Statistics (NBS) has revealed.
This information was contained in the NBS Commodity Price Indices and Terms of Trade for the first three months of 2024 released in Abuja on Tuesday.
The rise was attributed to the changes in import prices mainly in the price of “Vehicles, aircraft and parts thereof; vessels, among others.”
“Others are mineral products; articles of stone, plaster, cement, asbestos, mica, ceramic; paper making material; paper and paper-board articles.” a part of the report stated.
The NBS said the All-commodity group export price index on average also increased by 0.39 per cent in Q1 2024, driven by an increase in the prices of mineral products; and products of the chemical and allied industries.
“Others are plastic, rubber and articles thereof; and wood and articles of wood, wood charcoal and articles,” it also said, adding that the All Products Terms Of Trade (TOT) index on average decreased by 0.12 per cent points.
The TOT represents the ratio between a country’s export prices and its import prices.
The NBS said the All-region group export index increased by 0.39 per cent mainly due to positive changes in the prices of exports to all economic regions.
The report said the All-region group import index increased by 0.51 per cent points due to increases in import prices from all regions.
It said the All-region terms of trade on average decreased by 0.12 per cent.
The report said the major export destinations of Nigeria in Q1 2024 were France, Spain, The Netherlands, India and The United States of America.