The manufacturers Association of Nigeria (MAN) in its six months the executive summary released indicated that non-Oil sector output grew by 2.05 percent in the second quarter of 2018; thus showing 1.3 percentage point increase from 0.75 percent growth recorded in the first quarter of the year. It also indicates 1.6 percentage point increase from 0.45 percent of the second quarter of 2017.
Association report revealed that the Nigeria’s total merchandize trade in the second quarter of 2018 stood at N6.57 trillion down from N7.21 trillion recorded in the first quarter of 2018. Export trade recorded N4.4 trillion in second quarters of 2018, representing 4.9 percent contraction over N4.7 trillion of first quarter.
According to the statement “Import trade stood at N2.11 trillion in the second quarter of 2018, representing 13.3 percent decline from N2.52 trillion of the first quarter of the year. Nigeria’s Balance of Trade recorded a surplus of N2.36 trillion in the second quarter of 2018 indicating an increase of N1.85 trillion over N506.51 billion recorded in the corresponding quarter of 2017. It however declined by N0.18 trillion from N2.18 trillion recorded in the preceding quarter.”