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Nigeria Reportedly Earned N2.8 Trillion from Exportation of Petroleum Products in First Quarter of 2015

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According to data released by the National Bureau of Statistics (NBS), Nigeria earned N2.8 trillion in the first quarter of 2015 from the exportation of petroleum products, Vanguard reports.

The amount is said to be 64.18 percent of the Federal Government’s 2015 budget of N4.425 trillion.
In addition, the report states:
The NBS, in its Foreign Trade Statistics for the first quarter of 2015, stated that the export of petroleum products accounted for 87.86 per cent of Nigeria’s total merchandise export of N3.23 trillion in the first quarter.

Giving a breakdown of the petroleum products export, the NBS disclosed that crude oil emerged the highest exported commodity in the quarter under review, valued at N2.251 trillion, representing 69.7 per cent of the country’s total export.

The value of the country’s crude oil export in the first quarter of 2015 represents an appreciation of 0.54 per cent when compared against N2.239 trillion recorded in the preceding quarter. The amount is, however, a decline of 30.4 per cent from total crude oil export of N3.234 trillion recorded in the first quarter of 2014.

Liquefied Natural Gas followed with an export value of N306.16 billion, while the country earned N152.268 billion from the export of liquefied propane.

Also, N128.49 billion was earned from the export of partially refined crude oil products; N21.247 billion from liquefied butanes and N4.706 billion was earned from the export of Liquefied Petroleum Gas and other gaseous hydrocarbons.

In general, the NBS stated that Nigeria exported mainly mineral products, which accounted for 2.880 trillion or 89.2 per cent of total exports.

The value of merchandise exports totalled 3.23 trillion in the first quarter of 2015, an increase of 275.6 billion or 9.3 per cent over the value recorded in the preceding quarter.

4 Comments

  1. Adebowale Stephen

    May 28, 2015 at 8:04 am

    It is a year of divine visitation. God will make known those things that are unknown.

  2. JK

    May 28, 2015 at 10:37 am

    It used to be Millions then Billions and now Trillions!!
    Yet nothing really to show for it !
    All the same I believe in my Country & I am hoping for a brighter tomorrow. A tomorrow with stable power supply,decent shelter for citizens, improved educational system and standard of living.
    I wish all our newly elected leaders & those yet to be appointed the Grace, Wisdom & Heart to serve selflessly & not selfishly.
    God bless Nigeria!
    God bless Nigerians!!
    God bless our Future!!!

    • Sandi

      May 28, 2015 at 10:23 pm

      It has always been Trillions in Naira, it is still billions in Dollars.

  3. Sandi

    May 28, 2015 at 10:21 pm

    BN please can you publish the other reports of NBS?
    If you’re not going to do the full work, don’t even start.
    A lot was released by NBS and people need to know.

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