Abuja — Nigeria earned N3.922 trillion from the export of crude oil and derivatives of petroleum in the first quarter of 2019, according to data obtained from the National Bureau of Statistics, NBS.
In its Foreign Trade Statistics for the first quarter of 2019, the NBS noted that petroleum products export accounted for 86.48 percent of total export recorded in the economy in the period under review.
Giving a breakdown of earnings from petroleum products, the report noted that crude oil export stood at N3.377 trillion; Liquefied Natural Gas (LNG) export fetched the country N522.42 billion, while other petroleum gases export stood at N10.269 billion, representing 74.5 percent, 11.52 percent and 0.23 percent of total export recorded in the period respectively.
In general, the report pointed out that in the first quarter of 2019, Nigeria recorded total export of N4.535 trillion, which represented a 1.78 percent rise compared to the fourth quarter of 2018 but a 3.9 percent fall compared to the first quarter of 2018.
Similarly, the NBS declared that the value of total imports increased to N3.704 trillion, representing an increase of 3.39 percent relative to the fourth quarter of 2018 and 29.84 percent compared with the first quarter of 2018.
“The trade balance remained positive at N831.6 billion in first quarter 2019, boosted by an increase in both exports and imports. The boost also helped total trade increased to N8.239 trillion. This figure is 2.50 higher compared to the fourth quarter of 2018 and 7.52 percent higher relative to the corresponding quarter in 2018.
“The value of other oil products imported was 58.4 percent lower than in fourth quarter 2018 and 72.71 percent lower than the corresponding quarter of 2018,” the NBS revealed.
The report noted that the value of crude oil exports in the first quarter 2019 was 7.78 percent lower than in fourth quarter 2018 and 5.67 percent lower than in first quarter of 2018,” the NBS explained.
It added that “Exports trade was dominated by crude oil exports, which contributed N3.377 trillion or 74.45 percent to the value of total exports in the first quarter of 2019. By section, analysis reveals that Nigeria exported mainly mineral products which amounted to N3.950 trillion or 87.1 percent of the total value of exports.
“This was followed by vehicles, aircraft and parts; Prepared foodstuff, beverages, spirits; and Vegetable products which respectively accounted for N418 billion or 9.22 percent, N55.4 billion or 1.2 percent and N49.0 billion or 1.1 percent of the total export.”