Crude Oil Earnings Up By 48% to N11.5 Trillion in 9 Months

Crude Oil Earnings Up By 48% to N11.5 Trillion in 9 Months

Nigeria recorded crude oil export worth N11.5 trillion in nine months, from January to September 2018, rising by 48.01 per cent from N7.77 trillion recorded in similar period in 2017. The value of crude oil export in the nine-month period is over N2 trillion more than the N9.12 trillion budgeted for 2018 and about N3 trillion more than the 2019 budget proposal.

According to data obtained from the National Bureau of Statistics’ (NBS), Foreign Trade Statistics for the Third Quarter of 2018, crude oil export in the nine-month period accounted for 81.8 per cent of total exports recorded in the Nigerian economy in 2018.

Specifically, the report stated that crude oil export in the first quarter of 2018, appreciated by 51.05 per cent compared to N2.37 trillion recorded in the first quarter of 2017; while in the second quarter of 2018, crude oil export stood at N3.77 trillion, appreciating by 55.14 per cent from N2.43 trillion recorded in the same period of 2017.

Third quarter 2018 crude oil export, according to the report, appreciated by 39.17 per cent from N2.97 trillion recorded in third quarter 2017 to N4.15 trillion.

The NBS report noted “Crude oil exports in third quarter 2018 was 10.03 per cent more than the value recorded in second quarter 2018 and 39.5 per cent higher than the value recorded in third quarter 2017. Other oil products export in third quarter 2018 was 5.3 per cent more in value than second quarter 2018 and 12.68 per cent higher than third quarter 2017.”

In its breakdown of exports in the third quarter of 2018, the report stated that crude oil and Liquefied Natural Gas (LNG), export stood at N4.147 trillion, N469.87 billion respectively, other petroleum gases export stood at N27.85 billion.

Others are liquefied butane and liquefied propane export which stood at N17.66 billion and N13.73 billion respectively; kerosene type jet fuel export stood at N7.4 billion, while the  lubricating oil export stood at N6.84 billion.

The report also noted that India was the highest importer of Nigeria’s crude oil, purchasing N764.88 billion worth of the commodity; followed by Nigeria’s crude oil export of N522.12 billion and N500.31 billion to Spain and France respectively.

Furthermore, the NBS disclosed that crude oil from Nigeria was exported to South Africa, Netherlands, Indonesia, Brazil  and  United Kingdom, valued at N335.28 billion, N276.37 billion, N256.3 billion, N226.2 billion and 206.3 billion respectively. Nigeria’s crude oil valued at N201.65 billion and N199.01 billion was also exported to the United States and Canada respectively, in the third quarter of 2018.

The report noted: “Nigeria’s external trade totalled N9.026 trillion during the third quarter of 2018. Compared to the value of N6.903 trillion recorded against the second quarter, a rise of N2.122 trillion or 30.7 per cent was indicated. The total export component of this trade was N4.854 trillion, representing an increase of 7.8 per cent over second quarter 2018 and 35.7 per cent over third quarter 2017.”

Generally, the report noted that in the third of 2018, Nigeria’s external trade rose by N2.122 trillion or 30.7 per cent, from N9.026 trillion during the third quarter of 2018, compared to N6.904 trillion recorded in the second quarter of 2018.

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