28 June 2017, Sweetrude, Abuja – The National Bureau of Statistics, NBS, says Nigeria exported crude oil valued at N2.38 trillion in the first quarter of this year.
It stated in its First Quarter 2017 Foreign Trade Statistics that Europe was the highest buyer of Nigeria’s crude oil, as the country exported N810.287 billion-worth of crude oil to the continent in the quarter under review.
The country also exported N749.227 billion-worth of oil to Asia; N450.586 billion to the Americas; and N361.56 billion to other Africa countries.
The report noted that the N2.38 trillion-worth of crude oil exported during the first quarter of 2017 showed a two per cent drop compared to the value recorded in the fourth quarter of 2016. Other oil products were eight per cent higher than the value recorded in the fourth quarter of 2016, NBS said in the report.
In addition, the NBS stated: “On a sectoral/product basis, crude oil accounted for the largest share of total trade with 44.91 per cent, followed by other oil products — 23.37 per cent; manufactured products — 21.93 per cent; raw materials — 5.12 per cent and Agricultural products —4.35 per cent.
“The value of the export trade, stood at N3.006 trillion in first quarter 2017 representing an increase of N26.95 billion or 0.9 per cent, over the value recorded in the preceding quarter.”
In a related development, the Nigerian National Petroleum Corporation, NNPC, said in ts latest Monthly Production and Financial Reports for the month of April reported a trading deficit of N5.27 billion in April 2017, representing 6.20 per cent decrease in its collective operating deficit when compared to March 2017 deficit of N5.62 billion.
It said in the report: “This decrease in the deficit is mainly attributed to the decrease in NPMC/NPSC/ML expenses relatively, although impacted by lower NPDC revenue”.
“Other factors that impacted the overall NNPC’s performance include production shutdown of Trans Niger Pipeline (TNP) and Nembe Creek Trunk Line (NCTL) due to pipeline leakages, shut down of Bonga Terminal for TAM and existing force majeure declared by SPDC as a result of the vandalised 48-inch Forcados export line after the restoration on October 17, 2016,” the report added.