The
NBS in its Third Quarter 2017 Foreign Trade Statistics, stated that the country
exported LNG valued at N386.028 billion, while cooking gas export stood at
N11.835 billion. Generally, the report stated that total earnings from gas
export in the period under review stood at N483.4 billion, comprising other
gaseous components in addition to LNG and LPG.
Cooking
Gas Specifically, the report disclosed that other petroleum gases export stood
at N30.8 billion; Liquefied Propane export also fetched the country N19.113
billion; while the country exported N14.71 billion worth of naphthalene. In
addition, Nigeria exported liquefied butane worth N13.71 billion; other LPGs
and other gaseous hydrocarbons valued at N7.199 billion.
Furthermore,
contrary to claims that the United States had stopped buying Nigeria’s crude
oil, the NBS report stated that Nigeria exported crude oil to the US valued at
N457.732 billion in the third quarter of 2017, making the country the second
highest buyer of Nigeria’s crude oil. India emerged the highest buyer, with the
purchase of crude oil valued at N550.88 billion in the period under review;
while Nigeria exported crude oil to Spain, Netherlands, France and Indonesia
valued at N298.73 billion, N220.52 billion, N178.18 billion and N162.1 billion.
Also, South Africa, Canada, the United Kingdom and Italy purchased Nigeria’s
crude oil valued at N161.5 billion, N148.9 billion, N107.5 billion and N100.9
billion respectively.
The
NBS noted that the structure of Nigeria’s export trade was still dominated by
crude oil exports, which contributed N2.972 trillion or 83.17 per cent to the
value of total exports in the third quarter of 2017.
It
said, “Exports by section revealed that Nigeria
exported mainly mineral products, which accounted for N3.475 trillion or 97.2
per cent of the total export value. The second largest component was ‘prepared
foodstuffs; beverages, spirits and vinegar; tobacco’, which contributed N25.81
billion or 0.7 per cent of the total exports. In the third quarter, Nigeria
exported most products to Europe, with an export value of N1.293 trillion; Asia
N1.035 trillion and America N826.98 billion. Value of Exports to Africa were
only N367.28 billion, among which N114.93 billion worth of goods were exported
to ECOWAS countries.”
The
NBS had put the country’s total exports in the third quarter of 2017 at N3.573
trillion, representing a 15.19 per cent growth compared to the second quarter
of the same year and a 53.85 per cent growth compared to the third quarter in
2016. It had also noted that total imports in the quarter under review, in
contrast, decreased to N2.349 trillion, representing a decline of 9.41 per cent
quarter- on -quarter and 4.47 per cent on a year -on -year basis. It added that
trade balance of Nigeria in third quarter 2017 amounted to N1.225 trillion, due
to a continued value increase in exports and a decline in imports.
“This figure in the third quarter more than doubled the value in the
previous quarter and it is the first time that trade balance exceeded N1
trillion since the last quarter of 2014,”
it explained. (Vanguard)
Have
you heard this? Many Nigerian exporters have been defrauded of huge amount of
money in the process of exporting commodities to foreign countries. Do you know
why? They were not trained on export operations, management, documentations and
the best methods of payment in export trade. This is terrible!!! Nigerians
cannot continue to lose money to foreigners in the course of export business.
Exporters, why don’t you get a practical manual that teaches the stages of
export trade from processing and packaging of commodities to receipt of payment
by the foreign buyers. It teaches export operations, export management, export
documentations and methods of payment in export trade? It is a contemporary
step-by-step guide to export trade. It tells all the contemporary dynamics in
export trade. To get it, click on the link below:
Hmmm!!!
Folks, have you ever imagined how the financial status of your firm will be
when more than 20,000 CEOs and other key decision makers of blue-chip
corporations pay for your products and services or even give you very juicy
deals. The link below will tell you more: http://www.tectono-business.com/2015/07/tectono-business-review-in-conjunction_21.html
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