Nigeria exported N457bn crude oil to US in Q3 – Report

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Nigeria exported crude oil to the U.S. valued at N457.732 billion in the third quarter of 2017, making the country the second highest buyer of Nigeria’s crude oil, a data from the National Bureau of Statistics (NBS), has indicated.

The data said India emerged the highest buyer, with the purchase of crude oil valued at N550.88 billion in the period under review; while Nigeria exported crude oil to Spain, Netherlands, France and Indonesia valued at N298.73 billion, N220.52 billion, N178.18 billion and N162.1 billion.

Besides, South Africa, Canada, the United Kingdom and Italy purchased Nigeria’s crude oil valued at N161.5 billion, N148.9 billion, N107.5 billion and N100.9 billion respectively.

According to the report, the structure of Nigeria’s export trade was still dominated by crude oil exports, which contributed N2.972 trillion or 83.17 per cent to the value of total exports in the third quarter of 2017.

“Exports by section revealed that Nigeria exported mainly mineral products, which accounted for N3.475 trillion or 97.2 per cent of the total export value. The second largest component was ‘prepared foodstuffs; beverages, spirits and vinegar; tobacco’, which contributed N25.81 billion or 0.7 per cent of the total exports.

“In the third quarter, Nigeria exported most products to Europe, with an export value of N1.293 trillion; Asia N1.035 trillion and America N826.98 billion. Value of Exports to Africa were only N367.28 billion, among which N114.93 billion worth of goods were exported to ECOWAS countries.”

The  country’s total exports in the third quarter of 2017  was N3.573 trillion, representing a 15.19 per cent growth compared to the second quarter of the same year and a 53.85 per cent growth compared to the third quarter in 2016.

Meanwhile, the Nigerian National Petroleum Corporation (NNPC) through its Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), yesterday said it  sold and distributed a total of 1.352.86 billion litres of white products across the country in October, 2017.

Details of the transactions contained in the October 2017 edition of the Monthly NNPC Operations and Financial Report made available to newsmen, also indicated that 252.83 billion cubic feet of gas was supplied in the country within the period.

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