Nigeria earned N1.052 trillion from the export of crude oil, gas and other petroleum products in three months, between January and March 2016, according to data released by the National Bureau of Statistics, NBS. NBS, in its Foreign Trade Statistics for the First Quarter of 2016, disclosed that crude oil and gas accounted for 82.9 per cent of the country’s total export for the period under review, put at N1.27 trillion.
Particularly, the NBS report stated that the structure of Nigeria’s export trade was still dominated by crude oil exports, with the contribution of crude oil to the value of total domestic export trade amounting to N821.9 billion or 64.7 per cent.
According to the report, exports by section revealed that the highest export product for Nigeria in first quarter 2016 was mineral products, which accounted for N1.054 trillion or 83 per cent of total exports. It said, “Other products that contributed the most to Nigeria’s exports include vehicles, aircraft and parts thereof; vessels etc; and prepared foodstuffs; beverages, spirits and vinegar; tobacco, whose values stood at N72.7 billion or 5.7 per cent;, and ¦ 63.6 billion or 5.0 per cent respectively, of the total exports from Nigeria for the quarter.
Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.