₦airaland Forum

coputa:
Could you please name some of the major export of Nigeria.

gas $80b to $120b, oil $55b .

twentyfivekobo:
In cubic feet

Nigeria produces 3,009,650.25 million cubic feet (MMcf) of natural gas per year (as of 2015) ranking 12th in the world

Okay, now here is Mother Rossiya


Russia produces 22,728,734 million cubic feet (MMcf) of natural gas per year (as of 2015) ranking 2nd in the world


Using some more up to date materiel

Gas reserves...

Nigeria:206.53 trillion cubic feet

Rossiya: 1,688 trillion cubic feet

https://www.opec.org/opec_web/en/about_us/167.htm


Below data covers 2021

Population (million inhabitants) 218.40
Land area (1,000 sq km) 924
GDP per capita ($) 1,998
GDP at market prices (million $) 436,450
Value of exports (million $) 46,868
Value of petroleum exports (million $) 41,378
Current account balance (million $) 3,638
Proven crude oil reserves (million barrels) 37,050
Proven natural gas reserves (billion cu. m.) 5,848
Crude oil production (1,000 b/d) 1,323
Marketed production of natural gas (million cu. m.) 48,572
Refinery capacity (1,000 b/cd) 486
Output of petroleum products (1,000 b/d) 5
Oil demand (1,000 b/d) 495
Crude oil exports (1,000 b/d) 1,592
Exports of petroleum products (1,000 b/d) 11
Natural gas exports (million cu. m.) 38,464
b/d (barrels per day)
cu. m. (cubic metres)
b/cd (barrels per calendar day)
Can you rest now

twentyfivekobo:
Gas revenue in the first quarter this year...

Propelled by rising prices, Nigeria’s revenue from gas sales rose by 64.32 percent in the first quarter of 2022 (Q1’22) to N119.4 billion compared to N72.64 billion recorded in the corresponding period last year

120 million naira...naira.

Not yet 100 billion dollars, though if it went that high, it would be good. Good news from the Portugeese, but not yet 100 billion dollars.....

I need an intelligent argument not this lame argument . if Russia is earning $720million per day from gas why should Nigeria earn 800million per gas. I have told you early before go and verify the price of gas per cubic meters . total amount of gas exported from Nigeria. do your calculations and come back.

twentyfivekobo:
I even gave thee sauce.

Here is some more with sauce..

From Punch. (posting links causes problems).

abeg go and rest . that dab into what you don't know about . that figure is from NLNG not from all the gas processing companies in Nigeria. go and find out human Russia is makes from 160b gas export from Europe last year.

twentyfivekobo:
Gas earnings from 2021



That's less than one billion dollars, talkless of 100 billion dollars.

SAUCE

must you argue blindly Nigeria gas export is 38 billion cubic meters .how much is gas per cubic meters ? 2-4usd . na wa o for u. even Portugal alone paid $1b for gas from Nigeria. abeg , make use of ur brain

blamingthedevil:
EARNING FROM CRUDE OIL EXPORT - IN USD

2010 — $60.90Bn
2011 — $90.41Bn
2012 — $98.63Bn
2013 — $75.07Bn
2014 — $74.74Bn

2015 — $34.93Bn
2016 — $27.02Bn
2017 — $36.06Bn
2018 — $49.51Bn
2019 — $47.86Bn
2020 — $26.09Bn
2021 — $36.05Bn


https://twitter.com/StatiSense/status/1552577772522029057

phool earning from gas export this year's will be more than $100b . Crude oil $50b

JAkpayen:
This means most of the revenue from gas goes into debt servicing unless the FG is not forthright on what is happening or clueless on its fiscal policy

They are clueless simple.

JAkpayen:
I agree with you. But let's be objective, what is the cost associated with the export of gas?

the cost will definitely won't be 0.5usd per cubic meters. My point is that there should be more liquidity in dollar but we are getting opposite. Buhari govt needs to answer that.

pineed:
You mean Nigeria has begun exporting gas at such huge scale? I didn't know, if true. I'll find out in my spare time.

it's even low , Egypt is exporting 65billoon cubic meters of gas

pineed:
Gas exports $100b.. Lol no sir. Only oil exports is our major earnings for now
Include that with other earnings from non crude exports not upto Imports.

https://www.google.com/url?q=https://www.ceicdata.com/en/indicator/nigeria/natural-gas-exports&sa=U&ved=2ahUKEwjmyMux4pv5AhUFCuwKHdOoBMIQFnoECAkQAg&usg=AOvVaw0HfJSI_JG2Q1Q-li1L1WT1
Nigeria exported 38 billion of cubic meters of gas .
Now check the price of gas per cubic meters.
https://www.google.com/url?q=https://news.cgtn.com/news/2022-03-07/European-gas-rockets-to-record-of-3-900-per-1-000-cubic-metre-18dgoj6tL0I/index.html&sa=U&ved=2ahUKEwiz_JvK4pv5AhXqN-wKHRNjDdUQFnoECAgQAg&usg=AOvVaw3sGdyhfaTVChGzAKwMGREG

pineed:
Valid point! The Buck stops at his table. So he should be held responsible.

No there are not enough exports.

1.4m barrels at 108usd per barrel for oil. 38 billion cubic meters of gas at 3 to 4usd per cubic meter..Go and verify. They finished this country with lies that there is no enough dollars and export is low ..that's all lies . Nigeria exports this year is over $170b . Import is $90b.

pineed:
I doubt the bolded. Which exports are you talking about? You mean oil our single biggest export commodity?.

Do we have spread of exports from all sectors have been able to compete with oil exports over the last 30years?.

That's what most developed and richer countries do. They have multiple large exports, they aren't dependent on one export commodity.

oil exports alone is amount to $55b going by this year projection. Gas exports $100b going by this year projection. I didn't include other minerals, agriculture and finish/semi finish products. Our imports is less than $90b. Buhari govt mismanaged our economy simple. Go and verify this figures I put there

pineed:
Until Nigeria truly has an independent CBN governor who doesn't give in to Political pressure and dictates, we'll never come out of this mess.

A sitting CBN governor who left his responsibility to contest for Presidential race, that's unheard off. He should have been fired long ago

Buhari mismanaged our economy. hold him buhari responsibility .. Emefiele is just a puppet naira is not supposed to NGR100 against dollar.. there's enough exports already with huge diaspora remittance.

pineed:
Valid points you made.

To sum it all, its absolute Corruption on all levels that have made the Naira crumble so much against the dollar

In addition, Nigeria has been so much import dependent, our imports far outweigh exports, with so much demand for Dollar thereby weakinging the Naira.

COVID, the Russia-Ukraine war, Global economic issues all further contributed to Naira weakinging.

Turkey is also experiencing same issue. It's currency the Lira has lost over 60-70% of its value against the Dollar the last 3years

liar, our exports outweigh our imports. hold buhari and Emefiele responsible for devaluation of naira.

Jvctour:
Check your mail

i sent you pm ..need yoi help getting to Mozambique

seunmsg:
Nigerians are buying dollars and stuffing them in their bedrooms and they are everywhere blaming Emefiele. What magic do you guys want Emefiele to perform? Politicians are stockpiling dollars. Rogue civil servants are stockpiling dollars. Government contractors and businessmen are stockpiling dollars. Even ordinary Nigerians with money are stockpiling dollars and praying for the Naira to keep losing value. So, what do you guys really expect?

Even if you bring Ben Barnanke to come and manage CBN, he can’t achieve anything with the current level of irresponsibility of Nigerians. If CBN pumps $1 billion into the economy today, Nigerians will mop up everything within a week not for anything productive but to keep in their bedroom.

Go and tell Emefiele to give of account , export revenues of oil and gas in the tone of tone of $150b . Diaspora remittance of $25b . Buhari and Emefiele is a failure

twentyfivekobo:
We should have gone beyond that long time ago, because when prices fall, that 200 billion looks like 50 billion and less.

Nigeria gas reserve value is $850Trillion. No excuses to failure in government.

IbeOkehie:
Sorry you wrote earlier that Shell profit from Nigeria for 2021 was $20 billion. Thank goodness your comment is recorded here, I quoted it.



You're trying to confuse issues.

Worldwide revenue for Shell was likely $261 billion, worldwide profit was about $20 billion. I've directed you to an authoritative source. If that's not enough, here's the annual financial summary from the global company website, it lists a profit of $20b -

https://reports.shell.com/annual-report/2021/strategic-report/summary-of-results.html

The Guardian report you first quoted didn't say anything about Shell Nigeria profits or revenue, it was about the worldwide company.

It's a pity you can't accept you made a mistake. That's the usual Nigerian reaction and it's a pointer to what is wrong with the country.

Have a good day.

ok it was revenue I meant to say. Shell revenue in Nigeria is even more than $20b, last year tax to Nigeria govt was $4.4. this year alone tax is $6b. The bottom line is hold your CBN responsible for the fall of naira. Thank you and have a good day

twentyfivekobo:
We could make 1 trillion dollars if we exported manufactured goods....

you should start with what you have already

twentyfivekobo:
Let me repeat myself again...clearly.

Nigeria to prosper=we sell and export manufactured goods which means we earn far more than just selling oil, gas, agriculture, etc....

If you don't get it, my apologies.

you don't get it. this country is huge exporting country in resources already but lacks accountability .. companies are making huge amount money here but the money are stored abroad. Gas alone exported will reach $120b this year. When you add oil and others it will be close to $200b.

IbeOkehie:
I can now definitively state that you're wrong. Here's a report on the ANNUAL profit for Shell for year 2021. CNBC is one of the standards of business reporting trusted world wide.

https://www.cnbc.com/2022/02/03/shell-earnings-q4-2021.html



There it is. As I wrote earlier, the ~$20 billion you stated was for the full year of 2021, worldwide. These are simple data that can be checked with a click on the internet, I don't understand why it has to be the subject of argument.

It's time for everybody to understand that Nigeria is and has always been a poor country. Nigeria has never had much money, all the claims of being rich are driven by emotions and delusions.

Have a good day.

you're figures are just the year profit not the year revenue ..shell company revenue is amount to $261b. While in Nigeria the revenue is $20b. Do you need me to explain further ? Enjoy your day https://www.google.com/url?q=https://www.statista.com/statistics/268734/revenue-of-shell/&sa=U&ved=2ahUKEwi53dSvvZv5AhVF3qQKHYXBAjoQFnoECA0QAg&usg=AOvVaw1LRfr6epy5TSCqkmKZxcSg

twentyfivekobo:
Erm, it does not matter how much gas we sell....what matters is , we don't control the international price of gas...and even producing more gas can lead to a glut which would lead to lower prices, and lower income.

your just contradiction yourself up and down.

twentyfivekobo:
Either way we don't control the prices of gas, oil and minerals or agric products. Which is why I believe that any serious Nigerian leader and even we Nigerians have to work hard to use all those natural resources to make goods and services the world needs.

Selling gas whose price falls tomorrow below sustenance level is not the way forward. Same.for other raw.materiel

Nigeria sells more than 38b cubic meters of gas every year at the rate of 2-3.7usd . You can go verify.
1.3 to 1.4bd a barrel is 80- 108usd . Go and verify. Cumulate it , you will get nothing less than $150b annually.

twentyfivekobo:
What we majorly export is oil...and the oil price is far far too low most of the time to sustain us, plus corruption and subsidy are increasingly biting into the money well well.

Every African country, except the North African ones, and South africa are in the same position.

To stay afloat, we all take loans.

no we are now major gas exporting nation. When combined with oil you are getting more money than import. We then include solid minerals, agriculture and finish products..then govt bonds and other sources of revenue. Finally our diaspora remittance is one of the highest in Africa. Nigeria has no logic of having scarcity of dollars.
All Africa currencies are faring better than naira..

twentyfivekobo:
True,but it would be better if we were among the nation's people were importing manufactured stuff from

see it's poor handling of economy that's affecting Nigeria.. Nigeria exports more than imports in our balance of trade. this is what you people doesn't know. most of exported earnings are not being repatriated , this is where the problem lies

IbeOkehie:
The Guardian report is likely referring to WORLDWIDE profits for Shell Company. Read the report carefully.

Have a good day.

that's for shell nigeria alone. make a research.shell company worldwide profit last year was $261b. hold your govt and CBN responsible for lost of naira. they will be pending lies we are not exporting country but that's a huge lie, the amount of exports leaving Nigeria is more than $180b import is not even up $90b.

twentyfivekobo:
While CBN should stop funding frivolous stuff, releasing dollars to fund imports is a nice way of wasting dollars as well.

when the inflation comes bitting don't cry. There is no country on Earth tha doesn't import one thing or the other

Cognitivereason:
is shell a Nigerian company to begin with..what makes you think they will give to CBN all their dollars and take naira to the US their home country..

look dear....Forex earnings is not the matter of plus and minus..

no financial body has never reported excess of 70bn USD of forex earned through exports ..and they have never reported that figure is what we should earn by mere adding and subtracting...

you just want to argue for argument sake..I just showed just one company only earnings. When you calculate all the numerous oil and gas extracting companies in Nigeria they are making nothing less than $150b in Nigeria soil.
It is the duties of CBN to manage the inflow, outflow for cooperations and individual. Emefiele doesn't know he work , just chasing shadows.

Cognitivereason:
first, there is no figure there for me to see

second, your screenshot doesnt contain anything referring to the earning of crude oil and gas companies.

third, you are confused as I have never mentioned anything related to government revenue neither do my links lead to anything related to revenues but foreign exchange earnings through exports

forth, Nigeria has never recorded 200bn USD worth of export earnings... if you think so show me proof where it was clearing stated Nigeria earned 200bn USD forex through exports otherwise go to sleep my friend.

this is from shell cooperation profit last year alone.
a total of $20b . why is CBN not tapping into foreign exchange earnings by companies operating in Nigeria. Emefiele needs to answer this
https://www.google.com/url?q=https://guardian.ng/business-services/shell-declares-20-1b-profit/&sa=U&ved=2ahUKEwix_KGllZr5AhUCOuwKHRtlBzgQFXoECAEQAg&usg=AOvVaw0mauJlYa7DWNT3sAhCSXeV

by the time you cumulate other companies earning foreign currencies in Nigeria you will see we have more dollars than naira in this country. the evil people in APC won't allow Nigeria flourish because of their selfish interest.

Cognitivereason:
no body asked you to screenshot what we produce and it quantity as well as price..

exports and imports are not straightforward arithmetics of adding and multiplying otherwise that your figure is what will be globally reported...

show me screenshot of any renowned auditing firm that reports $150bn forex gains annual.. you are free to post any year ..in short go as far as fetching data from Obasanjo tenure, when Soludo, Sanusi were CBN governors, fetch the data as at when Okonjo Iweala was serving finance minister since you think the problem is Buhari and Emiefele...

just prove to me that any renowned business and economic analyst, newspaper or firms including Bloomberg, world trade organisation, Reuters, OEC, Statista, NBS..etc

I will take you seriously when you show me proof

I am waiting

I believe you are educated , the figures are there for you to see . maybe I should take you back to primary school . what I gave you is the total amount earnings collected by companies mining crude oil and gas in Nigeria. you can see there is enough dollars in the figures. yours is more of govt revenue and royalties collected by the government. it's has nothing to do with foreign exchange earning. a good working CBN should have mandated the oil companies to sell their Dollar exchange earnings to them by some percentage. we could have had enough foreign exchange in the market. this is nothing to argue about. Nigeria has no business to lack dollars when exports and remittances is close to 200b USD

you can as well take a look . shell cooperation earns $20b in Nigeria last year alone .https://www.google.com/url?q=https://guardian.ng/business-services/shell-declares-20-1b-profit/&sa=U&ved=2ahUKEwix_KGllZr5AhUCOuwKHRtlBzgQFXoECAEQAg&usg=AOvVaw0mauJlYa7DWNT3sAhCSXeV

Cognitivereason:
dollar revenue has never reached 80bn USD..

you are forgetting that the exponential rise in crude oil export value will directly lead to the rice in the value of imports specifically petroleum product as we use the excess dollars to now pay for the rise in cost of fuel..

and please this is not the issue or add and subtract.

provide links that backs ur multiplication and division..

Nigeria's export has never exhided 60bn USD
except you want to argue with the world bank, world trade organisation, OEC, tradingeconomics, PWC and the likes that report similar things

https://www.worldstopexports.com/nigerias-top-10-exports/
https://globaledge.msu.edu/countries/nigeria/tradestats
https://wits.worldbank.org/CountryProfile/en/NGA

hope you can make use of your Google and arithmetic very well . nigeria is currently exporting 1.4m barrels per day multiply it by 365 day. one barrel is 108 Bonny sweet crude that's 55b USD. Nigeria is exporting 38b cubic meters of gas years multiply it by 3usd that a price for 1, cubic meter of gas. you are getting nothing less than 100b USD. the other exporting minerals and agriculture plus finish products are not included. disprove it with a verifiable figure that Nigeria is not exporting 1.4m barrels per day or the gas is not 38 billion cubic meters. Emefiele holds the answer for where they are keeping the Dollars earned from resources taken from Nigeria to.

by December form A for school fees, upkeep will be stop by CBN.