Analyzing Nigeria's Oil Import Percentage Change

The question asks us to identify the year between 2016 and 2019 where the percentage change (increase or decrease) in oil import from Nigeria, compared to the immediately preceding year, was the greatest in magnitude.

To solve this, we need to look at the oil import data specifically for Nigeria for the years 2015 through 2019 and calculate the year-over-year percentage change.

Here is the relevant data for oil import from Nigeria:

The formula for calculating the percentage change is:

$\text{Percentage Change} = \left( \frac{\text{Current Year Value} - \text{Previous Year Value}}{\text{Previous Year Value}} \right) \times 100\%$

We will calculate the percentage change for each year from 2016 onwards compared to its previous year:

• Change in 2016 over 2015:
  • Import in 2015 = 11.6
  • Import in 2016 = 10.5
  • Change = $10.5 - 11.6 = -1.1$
  • Percentage Change in 2016 = $\left( \frac{-1.1}{11.6} \right) \times 100\% \approx -9.48\%$
  • Absolute Percentage Change in 2016 = $9.48\%$
• Change in 2017 over 2016:
  • Import in 2016 = 10.5
  • Import in 2017 = 13.2
  • Change = $13.2 - 10.5 = 2.7$
  • Percentage Change in 2017 = $\left( \frac{2.7}{10.5} \right) \times 100\% \approx 25.71\%$
  • Absolute Percentage Change in 2017 = $25.71\%$
• Change in 2018 over 2017:
  • Import in 2017 = 13.2
  • Import in 2018 = 15.9
  • Change = $15.9 - 13.2 = 2.7$
  • Percentage Change in 2018 = $\left( \frac{2.7}{13.2} \right) \times 100\% \approx 20.45\%$
  • Absolute Percentage Change in 2018 = $20.45\%$
• Change in 2019 over 2018:
  • Import in 2018 = 15.9
  • Import in 2019 = 14.2
  • Change = $14.2 - 15.9 = -1.7$
  • Percentage Change in 2019 = $\left( \frac{-1.7}{15.9} \right) \times 100\% \approx -10.69\%$
  • Absolute Percentage Change in 2019 = $10.69\%$

Now, let's compare the absolute percentage changes for each year:

• 2016: 9.48%
• 2017: 25.71%
• 2018: 20.45%
• 2019: 10.69%

The maximum absolute percentage change in oil import from Nigeria over its previous year is approximately 25.71%, which occurred in the year 2017.

Revision Table: Nigeria Oil Import Analysis

Additional Information on Data Interpretation

Understanding percentage change is crucial in data analysis. It helps us compare the relative change between two values, even if the initial values are very different. A percentage increase indicates growth, while a percentage decrease indicates decline. When comparing the magnitude of change, we look at the absolute value of the percentage change, ignoring whether it was an increase or decrease.

In this specific data set about oil imports, analyzing year-over-year changes helps identify trends, significant shifts, or volatility in trade relations with specific countries like Nigeria.