…Exports N2.38 trillion in Q1 of 2017
Oscarline Onwuemenyi
21 June 2017, Sweetcrude, Abuja – Nigeria imported gas turbines for electricity generation valued at N22.607 billion in the first quarter of 2017, according to data obtained, Tuesday, from the National Bureau of Statistics, NBS.
The NBS, in its First Quarter 2017 Foreign Trade Statistics, disclosed that the amount was expended on the acquisition of 5,000 kilowatts (KW) turbines from four different countries.
Specifically, gas turbines valued at N21.44 billion were imported from Germany; the United States sold gas turbines valued at N1.248 billion to Nigerian companies; while N0.792 million gas turbines were imported from India.
Furthermore, the NBS stated that Europe recorded the highest buyer of Nigeria’s crude oil, as the country exported N810.287 billion to the continent in the quarter under review.
Also, the report indicated that Nigeria exported crude oil valued at N749.227 billion to Asia; N450.586 billion to the Americas; and N361.56 billion to other Africa countries.
The report noted that Nigeria recorded crude oil exports of N2.38 trillion in the first quarter of 2017, dropping by two per cent 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.
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.”
