Nigeria Exports N1.9trn Crude Oil In Q4 – NBS
Data released by the Nigerian Bureau of statistics (NBS) has revealed that Nigeria traded a total of N1.93 trillion worth of crude oil to India, Spain, Netherlands, China and France Nigeria major trading partners in Q4, 2018 were India, China, Spain, France and Netherlands and the major export to these countries was crude petroleum and natural gas, while the major import from these countries was motor spirit.
According to the bureau, India was Nigeria’s major export market in Q4 2018,accounting for 15.5 per cent, or N780.1 billion of total exports with the export of crude oil totaling N730.3 billion. This was followed by natural liquefied gas, N39.1billion, sesame seed, N4.1 billion, cashew nuts worth N2 billion and others.
While Nigeria’s exports to Spain was valued at N569.4 billion making it the second largest export market for Nigeria in Q4 2018. Crude oil was the top Nigerian export during the period under review, valued at N471.6billion. Although the exports to Netherlands, a major export market of Nigeria in Q4 2018, accounted for 6.5 per cent or N328.7billion of total exports.
The total worth of crude oil exported to the Netherlands was N272.6 billion. This was followed by other petroleum gases in gaseous state, N19.1billion, Good fermented Nigerian cocoa beans, N15.3 billion and superior quality raw cocoa beans, N7.1billion and others.
China also maintained its position as a major trading partner of Nigeria in Q4 2018, Nigeria’s exported N23.5 billion worth of crude oil to China although the trade with China was dominated by natural gas liquefied which amounted to N63.4billion in value, followed by crude oil N23.5billion, sesame seed N13.7billion, propane, liquefied N8.0billion and butane, liquefied N4.7billion. In Q4 2018, Nigeria exported N432.2billion worth of crude oil to France.
Other major export commodities include natural gas liquefied valued at N62.1 billion and technically-specified natural rubber valued at N0.6 billion. Nigeria imported motor spirit worth N143.2 billion and N36.5 billion from the Netherlands and France respectively , while other imported commodities include amorphous PET chips and machines for cleaning seeds from China, live bred horses, primates and other mammals from India and Spain and motor spirit and machinery from France and the Netherland