Nigeria Earns N3.60trn From Crude And Gas, Spends N161bn On Petrol

The fourth quarter, Q4 of 2014 data released by the National Bureau of Statistics, NBS, has revealed that Nigeria imported N160.732 billion of Premium Motor Spirit, PMS, also known as petrol.
The NBS in its Foreign Trade Statistics for Q4, also disclosed that N85.36 billion was spent onthe importation of floating or submersible drilling or production platforms, while ‘other gas oils,’ were imported for N14.09 billion.

Furthermore, the NBS said about N13.06billion was expended on the importation of parts for gas turbines, exclusive of turbo-jets and turbo-propellers.

However, despite the amount spent on PMS imports, the country recorded crude oil and natural gas export of over N3.60 trillion in the period in review.

Specifically, the NBS report stated that about N3.14 trillion was earned from the export of petroleum oils and oils obtained from bituminous minerals, while N462.64 billion was earned from the export of natural gas and liquefied natural gas.

Giving a further analysis of crude oil export destination, the NBS data revealed that India was the highest buyer of Nigeria’s crude oil in the quarter under review, accounting for 20.04 per cent or N628.89 billion of total crude oil export.

Spain followed with the purchase of N379.04 billion; South Africa purchased N325.8 billion;NetherlandsN261.125 billion;United KingdomN211.85 billion; France N132.334 billion; and Indonesia N165.082 billion.

Contrary to reports that the United States of America, USA, has stopped buying crude from Nigeria, the data however revealed that the US imported about N160.33 billion oil in the last quarter of, 2014,making it the eight highest buyer of Nigeria’scrude.

Other crude exports during the period were to Brazil worth over N128.18 billion;and Italy about N103.28 billion.

Generally, Nigeria’s total crude export in the year 2014, according to the NBS, stood at N12.79 trillion, appreciating by 8.32 per cent from about N11.81 trillion recorded in 2013.

Continuing, the NBS said, "The value of the export trade totalled N3.854 trillion in fourth quarter 2014 showing a decrease of N843.4 billion or 18 per cent, over the value recorded in the preceding quarter. On annual basis the total exports of Nigeria stood at N17.203 trillion at the end of 2014, representing a rise of N2.959 trillion or 20.8 per cent over the level in 2013.

"The structure of Nigeria’s export is still dominated by crude oil exports. The contribution of crude oil to the value of total domestic export trade amounted to N12.791 trillion or 74.4 per cent in 2014 (estimate figures).

"Exports by section revealed that the highest export product for Nigeria in 2014 was ‘Mineral products,’ which accounted for N 15.718 trillion or 91.4 per cent. Other products that contributed immensely to Nigeria’s exports include vehicles, aircraft and parts thereof; vessels etc and products of the chemical and allied industries whose values stood at N357.7 billion or 2.1 per cent, and N315.6 billion or 1.8 per cent respectively, of the total exports of Nigeria for the year."