Nigeria Exports Crude Oil Valued At N7.3trn In First Half 2018
Image: Guardian Nigeria

The Nigeria Bureau of Statistics (NBS) has said the country’s crude oil export went up by 17.38 percent to N7.308 trillion in the first half of 2018.

According to the NBS in its Second Quarter 2018 Foreign Trade Statistics, this was a contrast from the N6.226 trillion made in the last six months of 2017.

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It noted that the data for the first half of the year showed a 52.25 percent increase when compared with an export of N4.8 trillion in the same period in 2017.

A further look into the NBS data indicates that it exported N3.58 trillion and N3.729 trillion worth of crude oil in the first and second quarter of 2018 respectively.

This is against N2.97 trillion and N3.255 trillion made in the third and fourth quarter of 2017 in that order.

India was the highest importer of Nigeria’s crude oil, with N635.25 billion which is 87.9 percent of its overall import of N722.58 billion from Nigeria.

“In the reviewing quarter, mineral products accounted for N4.275 trillion or 95.8 percent of the total export from Nigeria,” the report added.

“This category of export was dominated by crude oil exports which contributed N3.728 trillion or 83.5 percent of total exports.

“The second largest component of export in the second quarter 2018 was vegetable products, which recorded N65.45 billion or 1.5 percent of the total export in the reviewing quarter.

“The value of crude oil exports recorded in second quarter 2018, N3.728 trillion, was 4.2 percent higher than the value in first quarter 2018, which was N3.579 trillion and 53.7 percent higher than the value in second quarter 2017, which was N2.425 trillion.

“Other oil products exports in second quarter 2018 stood at N516.32 billion, declining in the reviewing quarter by 3.6 percent compared to N536.68 billion from first quarter 2018, and a 0.8 percent growth from the value recorded in the second quarter of 2017, which was N512.41 billion.”