Specifically, out of the N1.872 trillion of export earnings by the Federal Government during the second quarter of 2016, oil and gas accounted for N1.735 trillion or 92.9 per cent of the total export value.
The National Bureau of Statistics, NBS, which revealed this in its second quarter foreign trade statistics released last week, disclosed that natural liquefied gas recorded ₦198 billion of the total export value during the period under review.
Besides, Nigeria’s crude oil production plunged by 51,000 barrels per day (bpd) from the 1.520 million barrels per day it recorded in July to 1.468 mbpd in August, according to the August report of the Organisation of Petroleum Exporting Countries (OPEC).
The Bureau disclosed that Nigeria imported N296.1 billion worth of Premium Motor Spirit (PMS) also called petrol, during the quarter under review.For example, out of the total N402 billion export earnings from India in the quarter under review, crude oil accounted for N362 billion while non-oil was N39.727 billion.
Also, Nigeria recorded N10.928 billion from non-oil export to the United States, while crude oil accounted for larger sum of N224.081 billion.Nigeria’s crude oil export to Spain was N181,663 billion while it earned N33.505 billion from non-oil products.
Based on export by continent, the report showed that Nigeria mainly exported goods to Europe and Asia, which accounted for ₦611.7 billion or 32.7 per cent and ₦606.4 billion or 32.4 per cent respectively, of the total export value during the period under review.
It added that Nigeria exported goods valued at ₦265.9 billion or 14.2 per cent to Africa while, export to the Economic Community of West Africa States (ECOWAS) region totaled ₦86.9 billion.
“Nigeria’s import trade stood at ₦2.069.2 trillion at the end of second quarter showing an increase of 38.1 per cent from the value ₦1.498.4 trillion recorded in the preceding quarter,” the agency said.
“As with exports. The increase in import value can be traced to a decline in the value of the naira. The import trade classified by broad economic category revealed that “capital goods and parts ranked first with ₦663.6 billion or 32.1 per cent. This was followed by Industrial supplies with the value of ₦421.2 billion or 20.4 per cent, and Transport Equipment and Parts with ₦356.1 billion or 17.2 per cent. The value of motor spirit stood at ₦296.1 billion. Nigeria’s import trade by direction showed that the Country imported goods mostly from China,
According to the OPEC report released on Monday, Nigeria’s drop in oil production also contributed to the decrease in the OPEC total crude oil production, which stood at 33.24 mbpd in August, a decrease of 23 kbpd over the previous month.
OPEC said that crude oil output increased mainly from Saudi Arabia and Iran, while Nigeria and Libya showed the largest drop
