Friday, 4 September 2015

NIGERIA EXPORTS N2.1TR PETROLEUM PRODUCTS IN SECOND QUARTER

Tectono Business Review gathered from the National Bureau of Statistics (NBS) that the Federal Government exported ₦2.1 trillion worth of petroleum products during the second quarter of this year. This represents a 73.7 per cent of the value of the country’s total exports in the quarter under review. Besides, the country imported N140.5 billion worth of Premium Motor Spirit (PMS), otherwise known as petrol, during the same period.

Hmmm!!! Folks, let us say the truth and shame the devil. Many Nigerian non-oil products exporters have been defrauded of huge amount of money in the process of exporting agricultural commodities and solid minerals 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, would you like to keep on being scammed? Why don’t you get a practical manual that explains the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers? It explains export operations, export management, export documentations and methods of payment in export trade? Yes, 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 this link: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

NBS in its second quarter trade statistics stated that PMS remained the product with the greatest import value at ₦140.5 billion, or 9.4 per cent of the total second quarter 2015 bill.
It added that the country exported mainly mineral products, which accounted for ₦2.5 trillion or 87.3 per cent of the total export value in second quarter of 2015.

It put the value of Nigeria’s total exports at ₦2.8 trillion in second quarter , an increase of ₦214.1billion or 8.0 per cent over the value recorded in the preceding quarter, yet a decline of ₦1,803.0 million or 38.5 per cent year on year.

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NBS stated that the structure of the exports is still dominated by crude oil exports, which contributed ₦2.1 trillion or 73.7 per cent to the value of total domestic exports in the quarter under review, adding that Natural Liquefied Gas was the product with the second greatest export value, recording ₦260.7 billion or 9.1 per cent of the total export value during the period under review.

Other products exported by Nigeria, according to the agency, include vehicles, aircraft and parts thereof; vessels and others valued at ₦250.6 billion or 8.7 per cent; vegetable products at ₦36.7 billion or 1.3 per cent.

Fellow Nigerians, are you aware that our crude oil will soon become useless? Yes, it will, in no distant time, become valueless owing to the fact that the countries that rely on it as their only source of energy are developing more affordable alternative sources of energy. When this finally happens, what will we do? How are we currently preparing for this imminent economic doom? Which other sector will continue to stabilize our economy? Nigerians, the only solution is developing the agricultural sector. In fact, this is the only solution. Very soon, the major source of revenue will become agriculture and agro-exports. How are you positioning yourself to play big in agro-export business? Why don’t you get a practical manual that explains the stages of export trade from processing and packaging of commodities to receipt of payment by the foreign buyers? Yes, arm yourself with the contemporary trends in export trade. This manual explains export operations, export management, export documentations and methods of payment in export trade? Yes, 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 this link: http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html    

NBS said that prepared foodstuffs such as beverages, spirits and vinegar and tobacco at ₦24.6 billion or 0.9 per cent of the totals respectively were also exported by the country.

It stated: “Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at ₦406.1 billion or 14.1 per cent, ₦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.

“By continent, Nigeria exported goods mainly to Europe and Asia, which accounted for ₦1,063.0billion or 36.9 per cent and ₦823.8 billion or 28.6 per cent of the total export value respectively during the period under review. Nigeria exported goods valued at ₦554.3 billion or 19.3 per cent to the continent of Africa while export to the ECOWAS region totalled ₦171.1 billion, 30.9 per cent of all exports to Africa.”

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