#2.512 trillion from the export of petroleum products
since ex-president, Goodluck Jonathan lost the
presidential election in March.
According to data released by the National Bureau of
Statistics (NBS) on Wednesday, the amount was recorded
between April and June 2015.
Vanguard reports that the NBS, in its Foreign Trade Statistics
for the Second Quarter of 2015, also stated that Nigeria
recorded total merchandise trade of N4.372 trillion and a trade
surplus of N1.4 trillion in the month under review.
Nigeria's oil revenue has increased since former president,
Goodluck Jonathan, lost at the polls
. The amount as stated above, is about 56.8 per cent of the
country's N4.49 trillion 2015 budget and 57.5 per cent of
Nigeria's total merchandise trade and 87.3 per cent of total
export.
The NBS classification of petroleum products export in the
period under review, stated that exported petroleum oils
and oils obtained from bituminous minerals and crude oil
are valued at #2.121 trillion; liquefied natural gas valued at
#260.7 billion, while liquefied petroleum gas and other
gaseous hydrocarbons valued at #66.41 billion was also
exported.
Liquefied propane — #43.88 billion, partially refined oil
including crude oil having gone primary refinement —
#13.577 billion and liquefied butanes — #6.15 billion, are
among other items that feature.
Specifically , giving a breakdown of Nigeria's merchandise
trade, the NBS stated that Nigeria's total export stood at
#2.879 trillion, while total import stood at #1.49 trillion,
thereby, leading to a trade surplus of N1.39 trillion.
"Other products exported by Nigeria include vehicles,
aircraft and parts thereof; vessels among others at ₦250.6
billion or 8.7 per cent; Vegetable Products at ₦36.7 billion or
1.3 per cent, and Prepared foodstuffs; beverages, spirits and
vinegar; tobacco at ₦24.6 billion or 0.9 per cent of the totals
respectively," the report stated.
The report by Vanguard stated further that Nigeria's major
export destination was India, with export trade of #406.1
billion or 14.1 percent of total export.
Also, Spain, Netherlands, South Africa and Brazil with ₦297.4
billion or 10.3 per cent, ₦296.3 billion or 10.3 per cent,
₦240.9 billion or 8.4 percent and ₦147.8 billion or 5.1 per
cent of the total exports respectively, we re top of Nigeria's
clients.
The report, in the area of imports, said: "The value of
Nigeria's imports stood at ₦1.493 trillion during second
quarter 2015, a decrease of 13.6 percent from the value of
₦1.728 trillion recorded in the preceding quarter.
"Year-on-year, analysis showed that import trade was lower
by ₦484.0 billion or 24.5 percent.
"Nigeria imported goods mostly from China, United States,
India, Belgium and Netherlands, which respectively
accounted for ₦336.5 billion or 22.5 percent, ₦143.6 billion
or 9.6 per cent, ₦115.4billion or 7.7 percent, ₦83.4 billion
or 5.6 per cent and ₦ 80.9 billion or 5.4 per cent of the total
value of goods imported during the quarter."
The Nigerian president, who has vowed to review the
country's economy, has asked Nigerians to pretend there is
no oil in the country. pc ads bottom