Nigeria Spends N161 Billion Naira On Fuel Importation, Earns N3.60 Trillion From Crude Oil And Gas

According to a data released by the National Bureau of
Statistics, Nigeria imported N160.732 billion of Premium
Motor Spirit, PMS, also known as petrol in the fourth
quarter, Q4 of 2014 and recorded N3.60 trillion naira from
export of oil and gas during the period, Vanguard reported.
The NBS in its Foreign Trade Statistics for Q4, also
disclosed that N85.36 billion was spent on the importation
of floating or submersible drilling or production platforms,
while ‘other gas oils,’ were imported for N14.09 billion.
Furthermore, the NBS said about N13.06billion was
expended on the importation of parts for gas turbines,
exclusive of turbo-jets and turbo-propellers.
Specifically, the NBS report stated that about N3.14 trillion
was earned from the export of petroleum oils and oils
obtained from bituminous minerals, while N462.64 billion
was earned from the export of natural gas and liquefied
natural gas.
Giving a further analysis of crude oil export destination, the
NBS data revealed that India was the highest buyer of
Nigeria’s crude oil in the quarter under review, ñaccounting
for 20.04 per cent or N628.89 billion of total crude oil
export.
Spain followed with the purchase of N379.04 billion; South
Africa purchased N325.8 billion;NetherlandsN261.125
billion;United KingdomN211.85 billion; France N132.334
billion; and Indonesia N165.082 billion.
Contrary to reports that the United States of America, USA,
has stopped buying crude from Nigeria, the data however
revealed that the US imported about N160.33 billion oil in
the last quarter of, 2014,making it the eight highest buyer of
Nigeria’s crude.
Other crude exports during the period were to Brazil worth
over N128.18 billion;and Italy about N103.28 billion.
Generally, Nigeria’s total crude export in the year 2014,
according to the NBS, stood at N12.79 trillion, appreciating
by 8.32 per cent from about N11.81 trillion recorded in
2013.
Continuing, the NBS said, “The value of the export trade
totalled N3.854 trillion in fourth quarter 2014 showing a
decrease of N843.4 billion or 18 per cent, over the value
recorded in the preceding quarter. On annual basis the total
exports of Nigeria stood at N17.203 trillion at the end of
2014, representing a rise of N2.959 trillion or 20.8 per cent
over the level in 2013.
“The structure of Nigeria’s export is still dominated by
crude oil exports. The contribution of crude oil to the value
of total domestic export trade amounted to N12.791 trillion
or 74.4 per cent in 2014 (estimate figures).
“Exports by section revealed that the highest export product
for Nigeria in 2014 was ‘Mineral products,’ which
accounted for N 15.718 trillion or 91.4 per cent.
Other products that contributed immensely to Nigeria’s
exports include vehicles, aircraft and parts thereof; vessels
etc and products of the chemical and allied industries
whose values stood at N357.7 billion or 2.1 per cent, and
N315.6 billion or 1.8 per cent respectively,
of the total exports of Nigeria for the year.”