Lagos — Crude oil, petroleum oils and oils obtained from bituminous minerals, took over 70% of Nigeria’s total value of exports in the fourth quarter of 2020, according to statistics.
Newly released ‘Foreign Trade Statistics Q4 2020’ by the Nigerian Bureau of Statistics, NBS says the country exported a total of 78.9% of oil products within the period, while other exports totaled 35.3%.
This amounted to N2.52 trillion revenue raked in from oil exports within the period, while non-oil exports amounted to a total of N914.43 billion in revenue for the country.
The value of crude oil exports in Q4 2020 increased by 4% compared to Q3, 2020 but decreased by 30.5% compared to Q4, 2019. In 2020, the value of crude oil exports was 35.7% lower than recorded in 2019.
The value of total exports in Q4, 2020 increased by 6.7% against the level recorded in Q3, 2020 but decreased by 33.3% compared to Q4, 2019. On an annual basis, total export was 34.8% lower in 2020 than recorded in 2019.
India remained the top export destination for Nigeria during the quarter under review. The top five export destinations were India, Spain, South Africa, the Netherlands and the U.S.A. with goods valued at N547.0 billion or 17.12 % of the value of total exports, N313.4 billion or 9.8 %, N256.7 billion or 8.03 %, N194.5 billion or 6.09 %, and N170.4 billion or 5.33% respectively. These five countries collectively accounted for 46.39% of the value of total exports in Q4 2020.
Total value exported to Asia was worth N887,630.31, Europe, N853,409.19, Africa N431,368.56, America N333,452.26, and Oceania N15,485.76.