Nigeria Has Earned N2.512 Trillion From Petrol Export In 3 Months

Thursday, August 20, 2015 0
Category: Nigerian National News

Fresh reports have it that Nigeria has earned a massive N2.512 trillion from the export of petroleum products since ex-president, Goodluck Jonathan lost the presidential election in March.

According to data released by the National Bureau of Statistics (NBS) on Wednesday, the amount was recorded between April and June 2015.

Vanguard reports that the NBS, in its Foreign Trade Statistics for the Second Quarter of 2015, also stated that Nigeria recorded total merchandise trade of N4.372 trillion and a trade surplus of N1.4 trillion in the month under review.


Nigeria’s oil revenue has increased since former president, Goodluck Jonathan, lost at the poll.
The amount as stated above, is about 56.8 per cent of the country’s N4.49 trillion 2015 budget and 57.5 per cent of Nigeria’s total merchandise trade and 87.3 per cent of total export.


The NBS classification of petroleum products export in the period under review, stated that exported petroleum oils and oils obtained from bituminous minerals and crude oil are valued at N2.121 trillion; liquefied natural gas valued at N260.7 billion, while liquefied petroleum, gas and other gaseous hydrocarbons valued at N66.41 billion was also exported.

Liquefied propane — N43.88 billion, partially refined oil including crude oil having gone primary refinement —N13.577 billion and liquefied butanes — N6.15 billion, are among other items that feature.

Specifically , giving a breakdown of Nigeria’s merchandise trade, the NBS stated that Nigeria’s total export stood at N2.879 trillion, while total import stood at N1.49 trillion, thereby, leading to a trade surplus of N1.39 trillion.

“Other products exported by Nigeria include vehicles, aircraft and parts thereof; vessels among others at ₦250.6 billion or 8.7 per cent; Vegetable Products at ₦36.7 billion or 1.3 per cent, and Prepared foodstuffs; beverages, spirits and vinegar; tobacco at ₦24.6 billion or 0.9 per cent of the totals respectively,” the report stated.

The report by Vanguard stated further that Nigeria’s major export destination was India, with export trade of N406.1 billion or 14.1 per cent of total export.

Also, Spain, Netherlands, South Africa and Brazil with ₦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, we re top of Nigeria’s clients.

The report, in the area of imports, said: “The value of Nigeria’s imports stood at ₦1.493 trillion during second quarter 2015, a decrease of 13.6 per cent from the value of ₦1.728 trillion recorded in the preceding quarter.

“Year-on-year, analysis showed that import trade was lower by ₦484.0 billion or 24.5 per cent.

“Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for ₦336.5 billion or 22.5 per cent, ₦143.6 billion or 9.6 per cent, ₦115.4billion or 7.7 per cent, ₦83.4 billion or 5.6 per cent and ₦ 80.9 billion or 5.4 per cent of the total value of goods imported during the quarter.”

The Nigerian president, who has vowed to review the country’s economy, has asked Nigerians to pretend there is no oil in the country.

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