Nigeria earns N4.6trn from crude oil export, spent N1.02trn on fuel import

Nigeria’s crude oil export over a nine-month period, from January to September 2016, stood at N4.558 trillion, according to data obtained from the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics for Third Quarter 2016, also disclosed that the country spent N1.024 trillion on the importation of Premium Motor Spirit, PMS, also known as petrol, over the nine-month period, dropping by 10.02 per cent or N114 billion compared to N1.138 trillion spent on the commodity in the whole of 2015.

The amount the country earned from the export of crude oil represented 75.2 per cent of Nigeria’s 2016 budget estimates of N6.06 trillion. Again, the NBS report revealed that the value of crude oil export from January to September 2016, was 13.5 per cent or N712 billion lower than total crude oil export value of N5.27 trillion recorded in the same period in 2015.

The report further stated that for the whole of 2015, the country’s total crude oil export stood at N6.81 trillion, while in 2014 and 2013, the country exported N11.89 trillion and N11.81 trillion of crude oil respectively. This means that over a period of 45 months, beginning from January 2013 to September 2016, Nigeria exported crude oil valued at N35.068 trillion.

Further analysis showed that since May 29, 2015, the country had earned N7.708 trillion from crude oil export from July 2015 to September 2016. On the other hand, petrol importation cost the country N1.024 trillion, while the import of other fuels and lubricants cost the country N 620.81 billion over the first nine months period of 2016.

In general, the NBS report stated that the country spent N1.677 trillion on the importation of mineral products, comprising PMS, lubricants and other petroleum products. This, according to the report represented an increase of 80.71 per cent or N749 billion on the N928.46 billion spent on the import of petroleum products in the
same period in 2015.

In addition, the report disclosed that in the whole of 2015, total amount spent on PMS importation was N1.138 trillion, while in 2014 and 2013, N1.035 trillion and N1.142 trillion was spent on the import of the commodity respectively.

Further analysis of the NBS data revealed that since the advent of the President Muhammadu Buhari’s administration, the country had from July 2015 to September 2016 — a period of 15 months — spent N2.23 trillion on the importation of petroleum products.

This was against a total of N1.643 trillion spent on the import of the same commodity by the country, from the second quarter of 2015 to the second quarter of 2016 — a period of 15 months — during the former President Goodluck Jonathan’s administration, which, however, ended May 29, 2015.

Specifically, in its analysis of Nigeria’s merchandise trade for the third quarter of 2016, the NBS said, “Import trade by section was dominated by the imports of Mineral products, which accounted for N746.2 billion or 30.9 per cent of the total value of import trade in the third quarter of 2016.

“Other commodities which contributed noticeably to the value of import trade in 2016 were boilers, machinery and appliances; parts thereof, at N475.6 billion (19.7 per cent of the total); and products of the chemical and allied industries, at N220.0 billion (9.1 per cent); plastic, rubber and articles thereof, at N153.9 billion (6.4 per cent)
and prepared foodstuffs, beverages, spirits and vinegar, tobacco, at N148.2 billion (6.1 per cent).

“At the end of the quarter, the import trade classified by Broad economic category revealed that fuels and lubricants ranked first with N725.119 billion or 30.1 per cent of the total. This was followed by Industrial Supplies with the value of N611.618 billion or 25.3 per cent, and Capital Goods and parts, with ₦460.56 billion or 19.1 percent of the total.”

Source: Today.ng