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Nigeria Exports N7.3trn Crude Oil in Six Months


Nigeria’s crude oil export appreciated by 17.38 per cent to N7.308 trillion in the first six months of 2018 from N6.226 trillion recorded in the last six months of 2017, according to data obtained from the National Bureau of Statistics (NBS).

The NBS, in its Second Quarter 2018 Foreign Trade Statistics, stated that first half 2018 crude oil export figure represented an increase of 52.25 per cent compared with an export of N4.8 trillion recorded in the same period of 2017.

Giving a breakdown of Nigeria’s crude oil export on a quarter-on-quarter basis, the NBS report stated that in the first and second quarters of 2018, N3.58 trillion and N3.729 trillion worth of crude oil was exported respectively, compared to N2.97 trillion and N3.255 trillion recorded in the third and fourth quarter of 2017 respectively.

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In the second quarter of 2018, the NBS report noted that India emerged the highest importer of Nigeria’s crude oil, with the purchase of N635.25 billion, representing 87.9 per cent of its total import of N722.58 billion from Nigeria.

The Netherlands, Spain, South Africa, United States and Italy purchased Nigerian crude oil valued at N421.28 billion, N372.91 billion, N359.17 billion, N303.7 billion and N214.58 billion respectively.

Others in the top ten category are France, Sweden, Brazil and Thailand which imported Nigeria’s crude oil worth N134.81 billion, N175.03 billion, N139.38 billion and N90.25 billion respectively.

The report showed the total value of Nigeria’s merchandise trade was N6.569 trillion in the second quarter of 2018, which was a decline of 8.89 per cent compared to N7.211 trillion recorded in the first quarter of 2018, while it represented an increase of 14.56 per cent from N5.73 billion recorded in the second quarter of 2017.

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The report indicated: “In the reviewing quarter, mineral products accounted for N4.275 trillion or 95.8 per cent of the total export from Nigeria. This category of export was dominated by crude oil exports which contributed N3.728 trillion or 83.5 per cent of total exports.

“The second largest component of export in second quarter 2018 was vegetable products, which recorded N65.45 billion or 1.5 per cent of the total export in the reviewing quarter.

“The value of crude oil exports recorded in second quarter 2018, N3.728 trillion, was 4.2 per cent higher than the value in first quarter 2018, which was N3.579 trillion and 53.7 per cent higher than the value in second quarter 2017, which was N2.425 trillion.

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“Other oil products exports in second quarter 2018 stood at N516.32 billion, declining in the reviewing quarter by 3.6 per cent compared to N536.68 billion from first quarter 2018, and a 0.8 per cent growth from the value recorded in the second quarter of 2017, which was N512.41 billion.”

The report noted that Nigeria exported most products to Europe, Asia and Africa, accounting for N1.849 trillion or 41.4 per cent, N1.284 trillion or 28.8 per cent and 639.3 or 14.3 per cent respectively.

However, the report added that within Africa, Nigeria exported goods valued at N265.1 billion to ECOWAS member states representing 41.5 per cent of the total export trade to Africa.

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