Nigeria earns N2.5tr from Petroleum products export in 3 months

By RICHARD ADENIYI

NIGERIA earned N2.512 trillion from the export of petroleum products in three months, between April and June, 2015, in a data released recently 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 million and a trade surplus of N1.4million in the month under review.
The amount the country earned from petroleum products sale in the second quarter of 2015 is 56.8 per cent of the country’s N4.49million 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, white liquefied petroleum gas and other gaseous hydrocarbons valued at N60.41billion 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 N6.15billion.
Giving a breakdown of Nigeria’s merchandise trade, the NBS stated that Nigeria’s total export stood at N2.879trillion, while total import stood at N1.49trillion, thereby leading to a trade surplus of N1.39 trillion.
The value of total merchandise trade, according to the NBS, was 0.5per cent less than the total of N4.393trillion 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 N214.1billion when compared with the value of export in the first quarter of 2015, while it represented a decline of N1.8trillion or 38.5 per cent when compared with total exports of N4.682trillion 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 N250.6billion or 8.7 per cent, vegetable products at N36.7billion or 1.3 per cent and Prepared Foodstuffs; beverages, spirits and vinegar, tobacco at N24.6billion or 0.9 per cent of the total’s respectively.
Furthermore, the report stated that Nigeria major export destination was India, with export trade of N406.1billion 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 N297.4billion or 10.3 per cent, N296.3billion or 10.3 per cent; N240.9billion or 8.4 per cent and N147.8billion 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 N1.493 trillion during second quarter, 2015, a decrease of 13.6 per cent from the value of N1.728 trillion recorded in the preceding quarter.
“Year-on-year, analysis showed that import trade was lower by N480.0 billion or 24.5 per cent.
“Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for N336.5 billion or 22.5 per cent, N143.6 billion or 9.6 per cent, N115.4bilion or 7.7 per cent, N83.4trillion or 5.6 per cent and N80.9 billion or 5.4 per cent of the total value of goods imported during the quarter.