According to data released by the National Bureau of Statistics, NBS, Nigeria generated N1.052 trillion from the export of crude oil, gas and other petroleum products in three months, between January and March 2016.
The Bureau, in its Foreign Trade Statistics for the First Quarter of 2016, revealed that crude oil and gas accounted for 82.9 per cent of the country’s total export for the period under review, put at N1.27 trillion.
The NBS report particularly stated that the structure of Nigeria’s export trade was still dominated by crude oil exports, with the contribution of crude oil to the value of total domestic export trade amounting to N821.9 billion or 64.7 per cent.
Exports by section revealed that the highest export product for Nigeria in first quarter 2016 was mineral products, which accounted for N1.054 trillion or 83 per cent of total exports.
The report said: “Other products that contributed the most to Nigeria’s exports include vehicles, aircraft and parts thereof; vessels etc; and prepared foodstuffs; beverages, spirits and vinegar; tobacco, whose values stood at N72.7 billion or 5.7 per cent;, and 63.6 billion or 5.0 per cent respectively, of the total exports from Nigeria for the quarter.
Analysis of the country’s petroleum products export showed that Nigeria earned N821.871 billion from the export of crude oil, petroleum oils and oils obtained from bituminous minerals in the period under review, while liquefied natural gas export fetched the country N191.212 billion.
Additionally, the country earned N12.494 billion from the export of other petroleum gases; N9.774 billion from the export of Liquefied petroleum gases and other gaseous hydrocarbons; N8.319 billion from liquefied propane and N7.977 billion from the export of liquefied butanes.
