A crude oil production field PHOTO: AFP
Spends N380.4bn on importation of mineral fuel
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Nigeria realized N3.254trillion from crude oil export in the fourth quarter (Q4) of 2017, representing 83.2 per cent of the highest proportion of the country’s total exports during the period under review.Besides, the country spent N380.4billion on importation of mineral fuel in the same period.
According to the National Bureau of Statistics, crude oil exports grew by 9.51 per cent over Q3 and by34.2 percent when compared to the same quarter of 2016.Dwelling on the total revenue generated in 2017, NBS said crude exports stood at N11.026trillion, representing 81.1 per cent of total exports in 2017, compared to N6.996trillion or 82 per cent of total exports in 2016.
This, it noted, indicates a marginal decline in the share of crude exports between 2016 and 2017.Non-crude oil exports at N656.0billion in Q4 2017, also grew by 8.6 per cent over the last quarter, and 18.5 per cent Year-on-year; although not as rapidly as crude oil exports.NBS explained: “Nigeria’s import trade stood at N2.112.3trillion at the end of fourth quarter, 2017, the highest components of which were Machinery & transport equipment at N684.9 billion; Mineral fuel at N380.4billion and Chemical and selected products at N347.9billon.
“Imported Agricultural goods decreased by 1.7 per cent in fourth quarter of 2017 compared to third quarter of 2017, but increased by 15.9 per cent when compared to fourth quarter, 2016.“For full year, 2017, imported agricultural goods increased by 35.09 per cent to N886.7 billion from N656.4 billion in 2016. Raw materials imports in fourth quarter at N279.4 billion were 2.1 per cent lower than third quarter, 2017 value at N285.3billion, and 2.7 per cent lower than fourth quarter of 2016 at N287.2billion.
“For full year 2017, imported raw materials increased by 19.3 per cent to N1.128.3 trillion from 945.7 billion in 2016. -Solid minerals imports grew by 5.19 per cent in fourth quarter of 2017 over the third quarter of 2017, and 9.2 per cent over fourth quarter of 2016. For full year 2017, imported solid minerals increased by 372.2 per cent to N235.1 billion from N49.7 billion in 2016. –
“Energy goods imports grew significantly by 950 per cent in fourth quarter of 2017, higher than the previous quarter’s value. For full year 2017, imported energy goods increased to N187.17 million from N8.07 million in 2016.
Source: G Business
