Crude Oil Accounts For 76% Of Nigeria’s N4.69tr Q1 Exports, Says NBS

The latest report by the National Bureau of Statistics (NBS), on Wednesday showed that Nigeria’s foreign trade in goods grew by 56% year-on-year to N4.693tr in the first quarter of 2018, up from N3.006tr in the corresponding period of last year.
On a Quarter-on-Quarter basis, it increased 20% from N3.91tr in the 2017Q4.
The biggest exports product remained crude oil, which stood at N3.58tr, representing 76.28% of total, which was 50.74% higher YoY than the N2.374tr reported in 2017Q1. It was equally 10% higher than the N3.251tr of prior quarter.
Other oil products exports for the period were valued at N535.8bn, a 15.92% rise from the N462.21bn of 2017Q1; just as it was 10.53% higher than the N484.65bn reported in the final quarter of last year.
This means that exports of crude oil and other oil products in the 2018Q1 stood at a princely N4.115tr, representing 87.69% of total exports for the period under review, which was a drop, when compared to N2.837tr of 2017Q1, which was a drop from 94.36% YoY.
Europe was the biggest buyer of Nigeria’s crude with N1.623tr or 45.35%; followed by Asia with N971.032bn, or 27.12% earned from Asia; and N554.792bn or 15.49% from America.
By sectorial exports by economic regions of the world, the bulk of the foreign trade came from Europe, which accounted for N2.284tr, or 48.67%; followed by Asia, N1.31tr, or 27.93%; while America followed from afar with N593.581bn or 12.64%.
Meanwhile, the most significant growth during the period came from manufacturing exports, which soared 577% YoY to N434.37bn from N64.17bn; and 684% from N55.39 in the corresponding period of 2017.
It was followed by the 47.71% increase in raw materials exports which fetched N32.7bn, compared to N22.13bn in prior Q1; just as it dropped 14.62%, compared to prior quarter’s N37.85bn.
At N77.24bn, agricultural goods rose 24% from N59.06bn; and 63.84% QoQ from N44.7bn in the 2017Q4; just as solid minerals exports stood at N26.92bn, better than the 2017Q1 level of N16.98bn by 58.5%; while QoQ, it grew by 12.96% from N23.83bn.
Continuing, the NBS report also put the value of energy group exported in 2018Q1 at N10.39bn, or 16.5% higher than the N8.92bn in 2017Q1; and 8.8% higher than the N9.55bn of 2017Q4.
Classified by mode of transport, N4.672tr or of the export was through maritime; while N7.026bn and N4.227bn respectively were by road and air respectively; while N9.731bn was through other means of transport, as mail and inland waterways contributed nothing.
Total import for the period accounted to N2.518tr, with maritime again contributing the lion’s share of N2.36tr; while air contributed N141.535bn; and road, N16.204bn; among others.
Domestic export data for the period was put at N4.304tr, of which maritime was the preferred mode of transportation at N4.284tr
The major raw material products imported by direction of trade, showed that Brazil took the lead with N46.681bn worth of cane sugar meant for sugar refinery and another N5.947bn of tobacco, among others; while was also imported from India, N5.038bn; and Germany, N1.666bn; among others.
Brazil also led in terms of exports, accounting for N11.244bn of urea; which was similarly exported to the U.S, N2.853bn; Canada, N2.101bn; and Senegal, N331.44m. Also, N1.119bn of leather for further preparation after tanning was exported to Italy; which also attracted N1.864bn from export of hides and skin without wool/hair on, of goats or hides in other dry state.
Major traded manufactured products imports by direction of trade showed that the bulk of imported motorcycles and cycles, imported completely knocked down came from India, N24.266bn; and China, N13.97bn. Herbicides and anti-sprouting products mainly came from China, which accounted for N28.962bn; and N1.698bn from India; followed by used vehicles with diesel and semi-diesel engines that mainly came from the U.S, N21.771bn; followed by UAE, N1.798bn.