Nigeria Earns N2.5trn From Petroleum Products Export In 3 Months - NBS

Nigeria earned N2.512 trillion from the export of petroleum products in three months, between April and June 2015, according to data released Wednesday, by the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics for the Second Quarter of 2015, also stated that Nigeria recorded total merchandise trade of N4.372 trillion and a trade surplus of N1.4 trillion in the month under review.

It is instructive to noted that the amount the country earned from petroleum products sale in the second quarter of 2015, was 56.8 per cent of the country’s N4.49 trillion 2015 budget.

Also the amount earned from the export of petroleum products accounted for 57.5 per cent of Nigeria’s total merchandise trade and 87.3 per cent of total export.

In its classification of petroleum products export in the period under review, the NBS data revealed that the country exported petroleum oils and oils obtained from bituminous minerals and crude oil valued at N2.121 trillion; liquefied natural gas valued at N260.7 billion, while liquefied petroleum gas and other gaseous hydrocarbons valued at N66.41 billion was also exported.

Others are: liquefied propane — N43.88 billion, partially refined oil including crude oil having gone primary refinement —N13.577 billion and liquefied butanes — N6.15 billion.

Specifically , giving a breakdown of Nigeria’s merchandise trade, the NBS stated that Nigeria’s total export stood at N2.879 trillion, while total import stood at N1.49 trillion, thereby, leading to a trade surplus of N1.39 trillion.

The value of total merchandise trade, according to the NBS, was 0.5 per cent less than the total of ₦4.393 trillion recorded in the first quarter of 2014 and 34.3 per cent or N2.287 trillion less than the amount recorded in the second quarter of 2014.

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

Continuing, the report stated that, “Other products exported by Nigeria include vehicles, aircraft and parts thereof; vessels among others at ₦250.6 billion or 8.7 per cent; Vegetable Products at ₦36.7 billion or 1.3 per cent, and Prepared foodstuffs; beverages, spirits and vinegar; tobacco at ₦24.6 billion or 0.9 per cent of the totals respectively.”

Furthermore, the report stated that Nigeria’s major export destination was India, with export trade of N406.1 billion or 14.1 per cent of total export.

Other top export destinations in the period under review were: Spain, Netherlands, South Africa and Brazil with ₦297.4 billion or 10.3 per cent, ₦296.3 billion or 10.3 per cent, ₦240.9 billion or 8.4 per cent and ₦147.8 billion or 5.1 per cent of the total exports respectively.

In the area of imports, the report said, “The value of Nigeria’s imports stood at ₦1.493 trillion during second quarter 2015, a decrease of 13.6 per cent from the value of ₦1.728 trillion recorded in the preceding quarter.

“Year-on-year, analysis showed that import trade was lower by ₦484.0 billion or 24.5 per cent. “Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for ₦336.5 billion or 22.5 per cent, ₦143.6 billion or 9.6 per cent, ₦115.4billion or 7.7 per cent, ₦83.4 billion or 5.6 per cent and ₦ 80.9 billion or 5.4 per cent of the total value of goods imported during the quarter.”