State Earns N3.8trn From Crude Oil, Gas Export in 3 Months


Enterprise Television- State Earns N3.8trn From Crude Oil, Gas Export in 3 Months

Nigeria earned N3.738 trillion from the export of crude oil and petroleum products in three months, from October to December 2017, according to latest data released by the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2018, stated that petroleum products export accounted for 95.58% of Nigeria’s total export in the period under review.

Giving a breakdown of petroleum products export, the report disclosed that crude oil export stood at N3.255 trillion, representing 83.22% of the sector’s total export; Liquefied Natural Gas, LNG, export stood at N416.588 billion; while other petroleum gases export stood at N28.42 billion.

According to the report, other medium petrol oil accounted for total export of N12.32 billion; liquefied butanes valued at N12.304 billion was exported in the period under review; while liquefied propane and Liquefied Petroleum Gas exports stood at N8.85 billion and N4.81 billion.

The NBS stated that, “The value of the export trade continues its growth trend totalling N3.91 trillion in the fourth quarter 2017 representing an increase of 9.4% over the value of N3.576 trillion recorded in the preceding quarter, and an increase of 31.3 per cent over the value of N2.979 trillion recorded in the fourth quarter of 2016.

“The structure of the export trade is heavily dominated by crude oil, liquefied natural gas, and other petroleum gases, which contributed N3.699 trillion or 94.6% to the value of total domestic export trade in the fourth quarter of 2017. Crude oil alone contributed N3.254 trillion, representing 83.2% of total exports during the period under review, while natural liquefied gas contributed N416.6 billion, representing 10.6% of the total exports in fourth quarter 2017.

“Exports by section similarly show that Nigeria exported mainly mineral products, which accounted for N3.772 trillion or 96.5 per cent of the total export value for fourth quarter 2017.”

“Other products exported by Nigeria includes prepared foodstuffs; beverages spirits and vinegar; tobacco at N36.7 billion or 0.9% of total exports, and products of the chemical and allied industries at N25.5 billion or 0.7% of total exports.”

Source- allafrica