Nigeria exports N2.1trillion petroleum products in Q2

The Federal Government  exported not less than  N2.1trillion  petroleum products in the  second quarter of this year (2015).

Information put together by  the National Bureau of Statistics (NBS) explained that  this represents a 73.7 per cent of the value of the country’s total exports  during  the quarter.

According to NBS, Nigeria  imported N140.5 billion worth of Premium Motor Spirit (PMS), also  known as petrol during the period.

NBS explained that  PMS remained the product with the greatest import value at ₦140.5 billion, or 9.4 per cent of the total second quarter 2015 bill.

NBS added that Nigeria  exported mainly mineral products, which accounted for ₦2.5 trillion or 87.3 per cent of the total export value in second quarter of 2015.

It put the value of Nigeria’s total exports at ₦2.8 trillion in second quarter , an increase of ₦214.1billion or 8.0 per cent over the value recorded in the preceding quarter, yet a decline of ₦1,803.0 million or 38.5 per cent year on year.

NBS said: “Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at ₦406.1 billion or 14.1 per cent, ₦297.4 billion or 10.3 per cent, ₦296.3 billion or 10.3 per cent, ₦240.9 billion or 8.4 per cent and ₦147.8 billion or 5.1 per cent of the total exports respectively.

“By continent, Nigeria exported goods mainly to Europe and Asia, which accounted for ₦1,063.0billion or 36.9 per cent and ₦823.8 billion or 28.6 per cent of the total export value respectively during the period under review. Nigeria exported goods valued at ₦554.3 billion or 19.3 per cent to the continent of Africa while export to the Economic Community of West Africa State (ECOWAS) region totaled ₦171.1 billion, 30.9 per cent of all exports to Africa”.

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