Nigeria exports N2.1tr petroleum products in second quarter

Imports N140.5 billion worth of PMS

The Federal Government exported ₦2.1 trillion worth of petroleum products during the second quarter of this year, according to the National Bureau of Statistics.

This represents a 73.7 per cent of the value of the country’s total exports in the quarter under review.

Besides, the country imported N140.5 billion worth of Premium Motor Spirit (PMS), otherwise known as petrol, during the same period.

NBS in its second quarter trade statistics released at the weekend, stated that PMS remained the product with the greatest import value at ₦140.5 billion, or 9.4 per cent of the total second quarter 2015 bill.

It added that the country exported mainly mineral products, which accounted for ₦2.5 trillion or 87.3 per cent of the total export value in second quarter of 2015.

It put the value of Nigeria’s total exports at ₦2.8 trillion in second quarter , an increase of ₦214.1billion or 8.0 per cent over the value recorded in the preceding quarter, yet a decline of ₦1,803.0 million or 38.5 per cent year on year.

According to NBS, the structure of the exports is still dominated by crude oil exports, which contributed ₦2.1 trillion or 73.7 per cent to the value of total domestic exports in the quarter under review.

It added that Natural Liquefied Gas was the product with the second greatest export value, recording ₦260.7 billion or 9.1 per cent of the total export value during the period under review.

Other products exported by Nigeria, according to the agency, include vehicles, aircraft and parts thereof; vessels and others valued at ₦250.6 billion or 8.7 per cent; vegetable products at ₦36.7 billion or 1.3 per cent.

It said that prepared foodstuffs such as beverages, spirits and vinegar and tobacco at ₦24.6 billion or 0.9 per cent of the totals respectively were also exported by the country.

NBS stated: “Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at ₦406.1 billion or 14.1 per cent, ₦297.4 billion or 10.3 per cent, ₦296.3 billion or 10.3 per cent, ₦240.9 billion or 8.4 per cent and ₦147.8 billion or 5.1 per cent of the total exports respectively.

“By continent, Nigeria exported goods mainly to Europe and Asia, which accounted for ₦1,063.0billion or 36.9 per cent and ₦823.8 billion or 28.6 per cent of the total export value respectively during the period under review. Nigeria exported goods valued at ₦554.3 billion or 19.3 per cent to the continent of Africa while export to the ECOWAS region totalled ₦171.1 billion, 30.9 per cent of all exports to Africa”.