Nigeria recorded crude oil export worth N11.5 trillion in nine months, from January to September 2018, rising by 48.01 percent from N7.77 trillion recorded in a similar period in 2017.

According to data obtained from the National Bureau of Statistics’ [NBS], Foreign Trade Statistics for the Third Quarter of 2018, crude oil export in the nine-month period accounted for 81.8 percent of total exports recorded in the Nigerian economy in 2018.

Specifically, the report stated that crude oil export in the first quarter of 2018, appreciated by 51.05 per cent compared to N2.37 trillion recorded in the first quarter of 2017; while in the second quarter of 2018, crude oil export stood at N3.77 trillion, appreciating by 55.14 percent from N2.43 trillion recorded in the same period of 2017. Third quarter 2018 crude oil export, according to the report, appreciated by 39.17 percent from N2.97 trillion recorded in the third quarter of 2017 to N4.15 trillion.

“Crude oil exports in the third quarter 2018 was 10.03 percent more than the value recorded in the second quarter 2018 and 39.5 percent higher than the value recorded in the third quarter of 2017.

Other oil products export in third quarter 2018 was 5.3 percent more in value than second quarter 2018 and 12.68 percent higher than the third quarter of 2017,” the NBS report noted.

In its breakdown of exports in the third quarter of 2018, the report stated that crude oil and Liquefied Natural Gas [LNG], export stood at N4.147 trillion, N469.87 billion respectively, other petroleum gases export stood at N27.85 billion.

Others are liquefied butane and liquefied propane export which stood at N17.66 billion and N13.73 billion respectively; kerosene-type jet fuel export stood at N7.4 billion, while the lubricating oil export stood at N6.84 billion.

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