Fuel importation: Nigeria spends N161bn on petrol, earns N3.60trn from crude, gas.

ABUJA – Nigeria imported N160.732 billion of
Premium Motor Spirit, PMS, also known as petrol
in the fourth quarter, Q4 of 2014 data released by
the National Bureau of Statistics, NBS, has
revealed.
The NBS in its Foreign Trade Statistics for Q4,
also disclosed that N85.36 billion was spent
onthe importation of floating or submersible
drilling or production platforms, while ‘other gas
oils,’ were imported for N14.09 billion.
Furthermore, the NBS said about N13.06billion
was expended on the importation of parts for gas
turbines, exclusive of turbo-jets and turbo-
propellers.
However, despite the amount spent on PMS
imports, the country recorded crude oil and
natural gas export of over N3.60 trillion in the
period in review.
Specifically, the NBS report stated that about
N3.14 trillion was earned from the export of
petroleum oils and oils obtained from bituminous
minerals, while N462.64 billion was earned from
the export of natural gas and liquefied natural
gas.
Giving a further analysis of crude oil export
destination, the NBS data revealed that India was
the highest buyer of Nigeria’s crude oil in the
quarter under review, accounting for 20.04 per
cent or N628.89 billion of total crude oil export.
Spain followed with the purchase of N379.04
billion; South Africa purchased N325.8
billion;NetherlandsN261.125 billion;United
KingdomN211.85 billion; France N132.334 billion;
and Indonesia N165.082 billion.
Contrary to reports that the United States of
America, USA, has stopped buying crude from
Nigeria, the data however revealed that the US
imported about N160.33 billion oil in the last
quarter of, 2014,making it the eight highest buyer
of Nigeria’scrude.
Other crude exports during the period were to
Brazil worth over N128.18 billion;and Italy about
N103.28 billion.
Generally, Nigeria’s total crude export in the year
2014, according to the NBS, stood at N12.79
trillion, appreciating by 8.32 per cent from about
N11.81 trillion recorded in 2013.
Continuing, the NBS said, “The value of the export
trade totalled N3.854 trillion in fourth quarter
2014 showing a decrease of N843.4 billion or 18
per cent, over the value recorded in the preceding
quarter. On annual basis the total exports of
Nigeria stood at N17.203 trillion at the end of
2014, representing a rise of N2.959 trillion or 20.8
per cent over the level in 2013.
“The structure of Nigeria’s export is still
dominated by crude oil exports. The contribution
of crude oil to the value of total domestic export
trade amounted to N12.791 trillion or 74.4 per
cent in 2014 (estimate figures).
“Exports by section revealed that the highest
export product for Nigeria in 2014 was ‘Mineral
products,’ which accounted for N 15.718 trillion or
91.4 per cent. Other products that contributed
immensely to Nigeria’s exports include vehicles,
aircraft and parts thereof; vessels etc and
products of the chemical and allied industries
whose values stood at N357.7 billion or 2.1 per
cent, and N315.6 billion or 1.8 per cent
respectively, of the total exports of Nigeria for the
year.”