NIGERIA earned N9.5 trillion from crude oil export trade and N923.5 billion from natural liquefied gas in 2014, according to the National Bureau of Statistics.

The bureau said in a report titled: “Nigeria in 2014: Economic review and 2015-2017 Outlook”, that crude oil continues to dominate export trade, contributing N3, 233.6 billion or 81.5 per cent of total export trade value in first quarter, N3,268.8 billion or 69.8 per cent and N2,931.0 billion or 65.4 per cent of the totals in quarters two and three respectively.

It added that other than crude exports, Natural Liquefied Gas (NLG) contributed N330.0 billion or 8.31 per cent of the total in first quarter, N309.5billion or 6.61 per cent of the second quarter total and N284.7billion or 6.4 per cent of the total export value in the third quarter.

Classification of exports by section revealed that Mineral Products accounted for Nigeria’s largest export value, with N3,599.5 billion or 90.7 per cent of the total in quarter one, N3,956.9 billion or 84.5 per cent of the total for quarter two and N4,340.4 billion or 96.9 per cent of the total in quarter three.

According to the report, boilers, machinery and chemical appliances, valued at N92.2 billion or 2.3 per cent of the total in quarter one was the second largest contributor, whilst in quarter two this was Textiles and other articles, with N132.9 billion or 2.8 per cent of the total. The third quarter saw the Section of Prepared foodstuffs take second place, with N30.7 million or 0.7 per cnet of the total.

Classified by continent of destination, Nigeria mainly exported goods to Europe, with N1,727 billion or 43.5 per cent of total exports, N2,083.7 billion or 44.5 per cent of total exports and N 1,742.1billion or 38.9 per cent of the total in quarters one, two and three respectively. This was followed by Asia, with N1,187.5 billion or 30.0 per cent of the total in quarter one, N1,076.4billion or 23.0 per cnet of the total in quarter two and N1,416.3 or 31.6 per cent of the total in the third quarter. Nigeria exported goods valued at N424.4billion or 10.7 per cent to the continent of Africa in quarter one, N410.7 billion or 8.8 per cent in quarter two and N672.1 billion or 15.0 per cent of the total in quarter three. Exports to the ECOWAS region increased over the period, totalling N171.2 billion or 40.3 per cent of all export trade to Africa in quarter one, N174.6 billion or 42.5 per cent of the continent total in quarter two and N376 billion or 55.9 per cent of the total for the African continent in quarter three.

India was the top country of destination for Nigerian exports in all three quarters of 2014, with the country claiming N544 billion or 13.7 per cent of the export total in quarter one, N553.2billion or 11.8 per cent of the total in quarter two and N685.billion or 15.3 per cent of the third quarter total. Netherlands took the second place in quarter one, with at N461.5 billion or 11.6 per cent of the total, whilst Spain took this place in quarters two and three, with N514.1billion or 11 per cent of the total and N393.3 billion or 8.8 per cent of the total in each quarter respectively.

Source: The Guardian