…Records N4.3trn total trade, N1.49trn surplus

By Michael Eboh

Nigeria earned N2.512 trillion from the export of petroleum products in three months, between April and June 2015, according to data released Wednesday, by the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics for the Second Quarter of 2015, also stated that Nigeria recorded total merchandise trade of N4.372 trillion and a trade surplus of N1.4 trillion in the month under review.

It is instructive to noted that the amount the country earned from petroleum products sale in the second quarter of 2015, was 56.8 per cent of the country’s N4.49 trillion 2015 budget.

Also the amount earned from the export of petroleum products accounted for 57.5 per cent of Nigeria’s total merchandise trade and 87.3 per cent of total export.

In its classification of petroleum products export in the period under review, the NBS data revealed that the country exported petroleum oils and oils obtained from bituminous minerals and crude oil valued at N2.121 trillion; liquefied natural gas valued at N260.7 billion, while liquefied petroleum gas and other gaseous hydrocarbons valued at N66.41 billion was also exported.

Others are: liquefied propane — N43.88 billion, partially refined oil including crude oil having gone primary refinement —N13.577 billion and liquefied butanes — N6.15 billion.

Specifically , giving a breakdown of Nigeria’s merchandise trade, the NBS stated that Nigeria’s total export stood at N2.879 trillion, while total import stood at N1.49 trillion, thereby, leading to a trade surplus of N1.39 trillion.

The value of total merchandise trade, according to the NBS, was 0.5 per cent less than the total of ₦4.393 trillion recorded in the first quarter of 2014 and 34.3 per cent or N2.287 trillion less than the amount recorded in the second quarter of 2014.

In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.

Continuing, the report stated that, “Other products exported by Nigeria include vehicles, aircraft and parts thereof; vessels among others at ₦250.6 billion or 8.7 per cent; Vegetable Products at ₦36.7 billion or 1.3 per cent, and Prepared foodstuffs; beverages, spirits and vinegar; tobacco at ₦24.6 billion or 0.9 per cent of the totals respectively.”

Furthermore, the report stated that Nigeria’s major export destination was India, with export trade of N406.1 billion or 14.1 per cent of total export.

Other top export destinations in the period under review were: Spain, Netherlands, South Africa and Brazil with ₦297.4 billion or 10.3 per cent, ₦296.3 billion or 10.3 per cent, ₦240.9 billion or 8.4 per cent and ₦147.8 billion or 5.1 per cent of the total exports respectively.

In the area of imports, the report said, “The value of Nigeria’s imports stood at ₦1.493 trillion during second quarter 2015, a decrease of 13.6 per cent from the value of ₦1.728 trillion recorded in the preceding quarter.

“Year-on-year, analysis showed that import trade was lower by ₦484.0 billion or 24.5 per cent.

“Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for ₦336.5 billion or 22.5 per cent, ₦143.6 billion or 9.6 per cent, ₦115.4billion or 7.7 per cent, ₦83.4 billion or 5.6 per cent and ₦ 80.9 billion or 5.4 per cent of the total value of goods imported during the quarter.”

http://www.vanguardngr.com/2015/08/nigeria-earns-n2-5trn-from-petroleum-products-export-in-3mths/

Cc ishilove lalasticlala

nice one..

Bubu is working

i pray they use it for the betterment of we nigerian.to be on front page and second to comment is not a joke,i jst tried it for fun sake and here i am.God bless nigeria

Yhunoos:
…
It is instructive to noted that the amount the country earned from petroleum products sale in the second quarter of 2015, was 56.8 per cent of the country’s N4.49 trillion 2015 budget.

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

I see an Increase in our budgetary allocations next year ...

What we make from 'oyel' under this regime (Now that the price per barrel is low) will make you have an idea of how much GEJ and friends made and how much they squandered under 'their' regime (when price per barrel was high)

AdeniyiA:
I see an Increase in our budgetary allocations next year ...

Oh fa'sho!

AdeniyiA:
I see an Increase in our budgetary allocations next year ...

even with falling oil prices

Without a single minister

NIGERIA should be expecting more good news in the coming days

We finally have a PRESIDENT!!

Would also love to see increase in non-oil exports.

Walahi if i see oga jona kai kai i dey vex oo. Can you imagine only in 3 months ?

Wow

Nawah o. money figures everywhere

Aaaaaaaaaaaaarrrrrrrggggggggghhhhhh!!!!!!!!!!!!!!!!

At $50 per barrel

phyllosilicate:

I could remember how Okonjo Iweala was shouting how Nigeria was broke, how Nigerians should tighten their belt because of the falling price of crude oil and that Nigeria would borrow to be able to finance the 2015 budget. But in just 3 months almost 60% of the Budget has been generate just from petroleum products alone, not including revenues generated internally and other export.
IF THIS MUCH COULD BE GENERATED WITHIN 3 MONTHS WHEN OIL PRICE IS ABOUT $50 PER BARREL, WHERE WAS OUR MONEY GOING TO WHEN IT WAS $110 PER BARREL?

Chairman, I wonder o
They got lotta explanation to do
It appears they've been short changing Nigerians for a pretty long time

Why not wait at the end of the financial year when all budget of this administration should have been implemented to judge

There is no point celebrating abstract figures that mean nothing to the common man when no roads have been built, no investment in electricity and the common is feeling nothing!

This figures can be dropped now and looted later. What difference does that make?

Jona see your life?

Yhunoos:
…Records N4.3trn total trade, N1.49trn surplus
By Michael Eboh
Nigeria earned N2.512 trillion from the export of petroleum products in three months, between April and June 2015, according to data released Wednesday, by the National Bureau of Statistics, NBS.
The NBS, in its Foreign Trade Statistics for the Second Quarter of 2015, also stated that Nigeria recorded total merchandise trade of N4.372 trillion and a trade surplus of N1.4 trillion in the month under review.
It is instructive to noted that the amount the country earned from petroleum products sale in the second quarter of 2015, was 56.8 per cent of the country’s N4.49 trillion 2015 budget.
Also the amount earned from the export of petroleum products accounted for 57.5 per cent of Nigeria’s total merchandise trade and 87.3 per cent of total export.
In its classification of petroleum products export in the period under review, the NBS data revealed that the country exported petroleum oils and oils obtained from bituminous minerals and crude oil valued at N2.121 trillion; liquefied natural gas valued at N260.7 billion, while liquefied petroleum gas and other gaseous hydrocarbons valued at N66.41 billion was also exported.
Others are: liquefied propane — N43.88 billion, partially refined oil including crude oil having gone primary refinement —N13.577 billion and liquefied butanes — N6.15 billion.
Specifically , giving a breakdown of Nigeria’s merchandise trade, the NBS stated that Nigeria’s total export stood at N2.879 trillion, while total import stood at N1.49 trillion, thereby, leading to a trade surplus of N1.39 trillion.
The value of total merchandise trade, according to the NBS, was 0.5 per cent less than the total of ₦4.393 trillion recorded in the first quarter of 2014 and 34.3 per cent or N2.287 trillion less than the amount recorded in the second quarter of 2014.
In addition, the report stated that at N2.879 trillion, Nigeria’s total export appreciated by 8.0 per cent or N214.1 billion when compared with the value of exports in the first quarter of 2015, while it represented a decline of N1.8 trillion or 38.5 per cent when compared with total exports of N4.682 trillion recorded in the second quarter of 2014.
Continuing, the report stated that, “Other products exported by Nigeria include vehicles, aircraft and parts thereof; vessels among others at ₦250.6 billion or 8.7 per cent; Vegetable Products at ₦36.7 billion or 1.3 per cent, and Prepared foodstuffs; beverages, spirits and vinegar; tobacco at ₦24.6 billion or 0.9 per cent of the totals respectively.”
Furthermore, the report stated that Nigeria’s major export destination was India, with export trade of N406.1 billion or 14.1 per cent of total export.
Other top export destinations in the period under review were: Spain, Netherlands, South Africa and Brazil with ₦297.4 billion or 10.3 per cent, ₦296.3 billion or 10.3 per cent, ₦240.9 billion or 8.4 per cent and ₦147.8 billion or 5.1 per cent of the total exports respectively.
In the area of imports, the report said, “The value of Nigeria’s imports stood at ₦1.493 trillion during second quarter 2015, a decrease of 13.6 per cent from the value of ₦1.728 trillion recorded in the preceding quarter.
“Year-on-year, analysis showed that import trade was lower by ₦484.0 billion or 24.5 per cent.
“Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for ₦336.5 billion or 22.5 per cent, ₦143.6 billion or 9.6 per cent, ₦115.4billion or 7.7 per cent, ₦83.4 billion or 5.6 per cent and ₦ 80.9 billion or 5.4 per cent of the total value of goods imported during the quarter.”
http://www.vanguardngr.com/2015/08/nigeria-earns-n2-5trn-from-petroleum-products-export-in-3mths/
Cc ishilove lalasticlala

I think some people are confused when they are saying Buhari is working. Buhari has nothing to do with this. This is the evil, deceitful work of Jonathan's government. No wonder BBC said the Nigerian elections was the most expensive election ever recorded in Africa.


Where did this money go? This question is for you Tanoids and Gejites that refuse to accept the wickedness of your Hero's government.

ok

Now imagine what Jonathan got during the oil boom? Soludo was right after all.

Buhari, restoring sanity, accountability and transparency to governance in Nigeria.

Owo epo

the future has a nice aroma!!! i dnt fear any more dat one pot bellied oga will chop a dime frm dat money.

You see?! Wailing wailers, you see?!!!

I am a common man on the street t. I only believe what I see.

Food stuff eg rice, fresh tomatoes, frozen food and clothing were cheaper for me in Dec 2014 (festive period) compared to now (August).

I don't know if I will be reasonable to say things are better now.

Secondly I need to understand what double standard is.

Due to fallen oil price Gej reduced the price of pms from #97 to #87 and we had many mathematicians who calculated and said we are shortchanged and that it should actually cost less. Some even suggested #40/litre. Why hasn't the price been reduced further now that the mathematicians are in power? Or has the oil price risen?
Please I hate to think that calculation was wrong. We need to press now for pms to be sold at #65/litre. YES! NOW WE HAVE A PRESIDENT.

But what does Baba mean by "Nigeria is not a rich country?"


Note:I'm not a wailer.

the problem about average Nigerians is that all they want to see is huge figures and cry foul like governor Oshiomile. Nigerians hate mathematics and also understand politics through what the few ruling class feed them.
Its high time we stood up and do our research properly not only on huge figures the political class feed our eyes on newspapers or national dailies but also observe the visible development seen in the society. I remember during obasanjo's era, national dailies always had plenty figures yet scanty development.
JEG tried to expose the CABAL but couldnot since these so called cabals financed PDP's pockets. in short JEG failed.
Buhari is here, huge figures are surfacing again ! I refuse to be fooled!! let me see the N2.5turn reflect in the lives of unemployed youth that seeked your SHANGE

Wow... That's some money sha but such doesn't show in the same country.

Nigeria will be great again...

Never again will a voodoo Minister like Ngozi Okonjo Iwealla be our coordinating Minister of economy again.
Buhari kindly take these portfolios to yourself or a personality like you.: Finance, Petroleum resources, and coordinating Minister of economy.

Buhari is waking wailers are wailing...


Change advocates Cheers to you all

Last bullet God punish anything PDP in Nigeria

Woww! Chaiiiii see money ooooooooo

Good one if true. I guess all leakages are getting blocked and every sales revenue are remitted. Now we need implementation of infrastructure and job creation.

May God handle all TANoids the same way Jonathan handled the affairs of this country.

God looked at the list of Nigeria's problems, he sent us Buhari as a Solution. Even his enemies knows it.

He God has blessed, No man can curse.