Michael Eboh
Dublin, Ireland — Nigeria earned N7.683 trillion from the export of natural gas, liquefied petroleum gas and other gas products in 2024, rising by 105.1 per cent compared with N3.746 trillion earned from the sale of the commodities in 2023, according to data released by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2024, noted that gas exports earnings accounted for 9.92 per cent of total export recorded in the year under review.
In comparison, it noted that in 2023, gas export earnings accounted for 10.42 per cent of the country’s total export.
Giving a breakdown of gas exports in 2024, the NBS reported that in the first quarter, the country recorded N1.437 trillion from the export of the commodities; N2.881 trillion was earned in the second quarter; while in the third and fourth quarter of 2024, gas export earnings stood at N35.845 billion and N3.329 trillion, respectively.
In comparison, the NBS stated that the country earned N668.119 billion, N711.1 billion, N1.109 trillion and N1.257 trillion from gas exports in the first, second, third and fourth quarter of 2023, respectively.
In its analysis of fourth quarter gas exports, the NBS noted that the country earned N1.943 trillion from natural gas export; followed by other petroleum gases with N1.117 trillion; while Liquefied Petroleum Gas (LPG) trailed with N269.074 billion.
The NBS disclosed that Nigeria exported Liquefied Petroleum Gas valued at N112.71 billion and Natural gas worth N83.655 billion to the Netherlands in the fourth quarter of 2024; while natural gas valued at N135.21 billion was exported to France.
It added that Spain purchased N345.118 billion worth of natural gas from Nigeria and N131.289 billion worth of other petroleum gas; while India purchased other petroleum gas and natural gas valued at N337.085 billion and N209.159 billion, respectively.
In Africa, the NBS noted that Nigeria sold N10.81 billion worth of Liquefied Petroleum Gas to Ivory Coast in the fourth quarter of 2024.
In general, the NBS disclosed that total foreign trade stood at N138.033 trillion in 2024; rising by 106.6 per cent, compared with N66.825 trillion in 2023.
It added that total exports stood at N77.442 trillion in 2024, rising by 115.3 per cent compared with N35.962 trillion in 2023; while total imports stood at N60.59 trillion in 2024, rising by 96.3 per cent from N30.863 trillion recorded in 2023.
In its analysis of trade in the fourth quarter of 2024, the NBS said: “Nigeria’s total merchandise trade stood at N36.604 trillion in the fourth quarter of 2024. This represents an increase of 68.32 per cent compared to the value (N21.747 trillion) recorded in the corresponding period of 2023 and a rise of 2.20 per cent over the value recorded in the preceding quarter (N35.818 trillion).”
On the other hand, the NBS added that: “The share of imports accounted for 45.32 per cent of total trade in the fourth quarter of 2024 with the value of imports amounting to N16.591 trillion in the fourth quarter of 2024. This value indicates an increase of 83.24 per cent compared to the value recorded in fourth quarter 2023 (N9,054 trillion) and 8.57 per cent over the value recorded in third quarter 2024 (N15.281 trillion).
“The merchandise trade balance for fourth quarter 2024 remained positive at N3.424 trillion indicating a decrease of 34.86 per cent compared to the value recorded in the preceding quarter.”
