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Nigeria earns N3.8trn from crude oil, gas export in 3 months

 

Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2018, according to latest data released by the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2018, stated that petroleum products export accounted for 95.58 percent of Nigeria’s total export in the period under review.

Giving a breakdown of petroleum products export, the report disclosed that crude oil export stood at N3.255 trillion, representing 83.22 percent of the sector’s total export; Liquefied Natural Gas, LNG, export stood at N416.588 billion; while other petroleum gases export stood at N28.42 billion.

According to the report, other medium petrol oil accounted for total export of N12.32 billion; liquefied butanes valued at N12.304 billion was exported in the period under review; while liquefied propane and Liquefied Petroleum Gas exports stood at N8.85 billion and N4.81 billion.

The NBS stated that, “The value of the export trade continues its growth trend totalling N3.91 trillion in the fourth quarter 2017 representing an increase of 9.4 percent over the value of N3.576 trillion recorded in the preceding quarter, and an increase of 31.3 percent over the value of N2.979 trillion recorded in the fourth quarter of 2016.

“The structure of the export trade is heavily dominated by crude oil, liquefied natural gas, and other petroleum gases, which contributed N3.699 trillion or 94.6 percent to the value of total domestic export trade in the fourth quarter of 2017. Crude oil alone contributed N3.254 trillion, representing 83.2 percent of total exports during the period under review, while natural liquefied gas contributed N416.6 billion, representing 10.6 percent of the total exports in fourth quarter 2017.

“Exports by section similarly show that Nigeria exported mainly mineral products, which accounted for N3.772 trillion or 96.5 percent of the total export value for fourth quarter 2017. “Other products exported by Nigeria include prepared foodstuffs; beverages spirits and vinegar; tobacco at N36.7 billion or 0.9 percent of total exports, and products of the chemical and allied industries at N25.5 billion or 0.7 percent of total exports.”

The report noted that India accounted for N571.54 billion of Nigeria’s crude oil export in the fourth quarter of 2017, followed by the United States of America with N488.6 billion, while the Netherlands purchased crude oil worth N366.2 billion from Nigeria in the period under review.

The report further stated that in the period under review, Europe and Asia were the top regions for Nigeria’s exports, accounting for N1.539 trillion, representing 39.3 percent of total exports, and N1.034 billion, representing 26.4 percent of total exports, respectively. The report noted that this represents a 18.9 percent growth and a 0.1 percent decline respectively over the previous quarter; and a 27.1 percent and 16.9 percent growth respectively when compared to the same quarter in 2016. According to the report, the Americas region was Nigeria’s third largest exporting partner in the period under review, representing 22.5 percent of all exports with a value of N879.19 billion.

“The growth in total exports in fourth quarter 2017 is buoyed by exports to the Americas which increased by 6.3 percent and 112.3 percent in fourth quarter 2017 from third quarter 2017 and fourth quarter 2016 respectively. “Value of exports to Africa were recorded at N382.8 billion naira during the period under review, among which N152.5 billion naira of goods were exported to ECOWAS countries, representing 39.9 percent of exports to African countries,” the report noted.

Source: Vanguard

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