Thursday, 9 June 2016

Nigeria earned ₦1.052 Trillion in 3 months from the export of crude oil

Nigeria earned N1.052 trillion from the export of crude oil, gas and other petroleum products in three months, between January and March 2016, according to data released by the National Bureau of Statistics, NBS. NBS, in its Foreign Trade Statistics for the First Quarter of 2016, disclosed that crude oil and gas accounted for 82.9 per cent of the country’s total export for the period under review, put at N1.27 trillion.

Particularly, the NBS report stated that the structure of Nigeria’s export trade was still dominated by crude oil exports, with the contribution of crude oil to the value of total domestic export trade amounting to N821.9 billion or 64.7 per cent.

According to the report, exports by section revealed that the highest export product for Nigeria in first quarter 2016 was mineral products, which accounted for N1.054 trillion or 83 per cent of total exports.

 It said, “Other products that contributed the most to Nigeria’s exports include vehicles, aircraft and parts thereof; vessels etc; and prepared foodstuffs; beverages, spirits and vinegar; tobacco, whose values stood at N72.7 billion or 5.7 per cent;, and ¦ 63.6 billion or 5.0 per cent respectively, of the total exports from Nigeria for the quarter.

 Analysis of the country’s petroleum products export showed that Nigeria earned N821.871 billion from the export of crude oil, petroleum oils and oils obtained from bituminous minerals in the period under review, while liquefied natural gas export fetched the country N191.212 billion.

Additionally, the country earned N12.494 billion from the export of other petroleum gases; N9.774 billion from the export of Liquefied petroleum gases and other gaseous hydrocarbons; N8.319 billion from liquefied propane and N7.977 billion from the export of liquefied butanes.

 The report pointed out that India, United States and Spain were Nigeria’s highest export destination, accounting for N192.4 billion, N161.91 billion and N127.89 billion of Nigeria’s export respectively. Netherlands, France, South Africa, Brazil, China, Italy and Japan followed accounting for N88.85 billion, N81.409 billion, N73.64 billion, N57.559 billion, N43.789 billion, N40.82 billion and N34.864 billion respectively of Nigeria total exports.

 India, according to the report, emerged the highest buyer of Nigeria’s crude oil, as it spent N164.98 billion on the country’s crude oil, while the United States followed the purchase of Nigeria’s crude oil worth N134.969 billion.

 Nigeria’s crude oil export to Spain, South Africa, France and Brazil stood at N86.98 billion, N73.12 billion, N52.14 billion and N51.167 billion respectively, while crude oil export to the Netherlands, Italy and China stood at N24.176 billion, N19.49 billion and N17.563 billion respectively.

Continuing, NBS said, “The total value of Nigeria’s merchandise trade at the end of first quarter 2016 stood at N2.724 trillion.

 From the preceding quarter value of N3.517 trillion, this was N793.5 billion or 22.6 per cent less. This development arose due to a sharp decline in both imports and exports. “Exports saw a decline of N671.1 billion or 34.6 per cent, while imports declined by N122.4 billion or 7.8 per cent. The steep decline in exports brought the country’s trade balance down to -N184.1 billion or 548.7bilIion less than in the preceding quarter. The crude oil component of total trade decreased by N716.7 billion or 46.6 per cent against the level recorded in fourth quarter 2015.

“The value of the export trade, totaled ¦ 1.269 trillion in Q1, 2016 showing a decrease of N671.1 billion or 34.6 per cent, over the value recorded in the preceding quarter. Year-on-Year analysis shows that the country’s exports dropped by N1.395 trillion or 52.3 per cent against the export value recorded in the corresponding quarter of 2015.”

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