Thursday, 4 January 2018

NIGERIA EARNS N7.8TRILLION FROM CRUDE OIL EXPORT IN 9 MONTHS

Nigeria exported crude oil valued at N7.774 trillion between January and September, 2017, showing 70.07 per cent increase from crude oil export of N4.571 trillion recorded in the first nine months of 2016.

This is according to data obtained from the National Bureau of Statistics, Crude oil export. The NBS, in its Foreign Trade Statistics for the Third Quarter of 2017, stated that crude oil export accounted for 80.3 per cent of the country’s total export in the period under review.

In particular, the report noted that in the first, second and third quarters, crude oil export stood  at N2.377 trillion, N2.425 trillion and N2.972 trillion respectively, compared to N1.128 trillion, N1.485 trillion and N1.958 trillion in the first, second and third quarters of 2016 respectively.

Specifically, the NBS noted that the country’s total exports in the third quarter of 2017 stood 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 also noted that total imports in the reviewing quarter, 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 said, “Trade balance of Nigeria in third quarter 2017 amounted 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 exceeds N1 trillion since the last quarter of 2014.”

The report noted that exports in the third quarter was still oil dependent, as crude oil exports were recorded N2.972 trillion in the third quarter and it remained the majority of total exports, accounting for 83.17 per cent.

Apart from crude oil export, the NBS report noted that Nigeria earned N396.028 billion from the export of Liquefied Natural Gas, LNG; N30.83 billion from other petroleum gases and N19.113 billion from liquefied propane.

The country also exported naphthalene, liquefied butanes and liquefied petroleum gas (cooking gas) valued at N14.7 billion, N13.71 billion and N7.2 billion respectively. (SWEET CRUDE)

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