Ike Amos
Lagos — Nigeria earned N667.953 billion from the export of gases in different forms in the fourth quarter of 2021, rising by 23.33 per cent compared with N541.59 billion earned from the export of the dame commodity in the third quarter of 2021.
According to data obtained from the National Bureau of Statistics’ Foreign Trade Statistics for the Fourth Quarter of 2021, Nigeria’s gas exports in the quarter under review 2021 accounted for 5.71 per cent of the country’s total trade of N11.707 trillion; and 11.58 per cent of total exports of 5.77 trillion.
Giving a breakdown of the country’s gas export in the fourth quarter, the NBS reported that liquefied natural gas (LNG) export fetched the country N573.846 billion, accounting for 9.95 per cent of total exports; other petroleum gases exports stood at N73.147 billion, accounting for 1.27 per cent of total exports; while liquefied propane export accounted for 0.36 per cent of total exports with N20.96 billion.
In the third quarter of 2021, the value of LNG exported was N487.49 billion; while other petroleum gases and liquefied propane export were N40.47 billion and N13.63 billion respectively.
In general, the NBS disclosed that in the fourth quarter of 2021, Nigeria’s total merchandise trade stood at N11.707 trillion, representing 11.79 per cent over the level recorded in the third quarter of 2021, adding that it was 74.71 per cent higher when compared to the value recorded in the fourth quarter of 2020.
It also noted that export trade in the quarter under review stood at N5.766 trillion, representing an increase of 12.27 per cent over the preceding quarter; while the value in 2021 also grew by 80.52 per cent over the corresponding period of the previous year.
The NBS said: “Furthermore, the share of exports in total trade stood at 49.26 per cent in the fourth quarter of 2021. On the other hand, total imports stood at N5.941 billion in the fourth quarter of 2021, indicating an increase of 11.33 per cent over the preceding quarter and 69.41 per cent over the corresponding period of 2020.
“Imports value in the fourth quarter of 2021 accounted for 50.74 per cent of total trade. The balance of trade in the period under review stood at (₦173.96 billion), this shows a deficit trade with an improvement of 12.72 per cent over the preceding quarter.”
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