Abuja — Nigeria exported crude oil valued at N3.63 trillion in the fourth quarter of 2019, accounting for 76.08 per cent of total export in the quarter under review, the National Bureau of Statistics (NBS) has revealed.
The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2019, stated that at N3.63 trillion, crude oil export in the fourth quarter of 2019, dipped by 3.2 per cent compared to N3.75 trillion recorded in the third quarter of 2019.
The report noted that majority of Nigeria’s crude oil export in the period under review were purchased by countries in Europe, with the continent accounting for N1.6 trillion of Nigeria’s crude oil export.
Asia followed with the purchase of 1.14 trillion of Nigeria’s crude oil; while Africa, America and Oceania purchased N522.19 billion, N320.77 billion and N50.37 billion respectively.
In addition to crude oil, Nigeria exported Liquefied Natural Gas (LNG) valued at N445.91 billion; other petroleum gases export stood at N50.81 billion, while liquefied propane export stood at N9.39 billion, representing 9.35 per cent, 1.07 per cent and 0.20 per cent of total export respectively.
Furthermore, the country exported liquefied butanes and kerosene type jet fuel valued at N9.15 billion and 8.55 billion, representing 0.19 per cent and 0.18 per cent respectively; other petroleum oil from bituminous minerals and liquefied petroleum gas (LPG) export fetched the country N6.24 billion and N4.75 billion, representing 1.0 per cent and 0.10 per cent of total export in the fourth of 2019.
The report noted that, “In fourth quarter 2019, crude oil remained the dominant export valued at N3.629 trillion and accounting for 76.1 per cent of total exports, while non-crude oil exports amounted to N1.141 trillion or 23.9 per cent.
“However the value of crude oil exports in fourth quarter 2019 was 3.16 per cent lower than in third quarter 2019 and 0.88 per cent lower than the corresponding quarter of 2018.
“On an annual basis, the value of crude oil exports at N14.69 trillion was lower than in 2018 by 3.08 per cent.
“Other oil products export were 16.13 per cent higher in value in fourth quarter 2019 compared to third quarter 2019, but 4.85 per cent lower than the level in fourth quarter 2018. The value of other oil exports was 9.2 per cent lower in 2019 than in 2018.”
It stated that the value of Nigeria’s total trade stood at N10.12 trillion in the fourth quarter of 2019 representing a 10.15 per cent increase over the value recorded in the third quarter of 2019 and 25.9 per cent increase relative to the fourth quarter of 2018.