Change: Nigeria Earns N2.5trn from Crude in Just 3months

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 period.

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.

Immediately after Muhammadu Buhari defeated Goodluck Jonathan in the presidential election, many of those whose sole business is to be stealing crude oil and other resources belonging to Nigeria started struggling to cover what they had stolen before and didn't have the time to steal more. In fact, at it stands today, most of them have been dislodge and are currently on the run from prosecution.