Nigeria’s oil revenue notches N8.5tr, up 83% YoY
By Jeph Ajobaju, Chief Copy Editor
Nigeria’s oil revenue rose 83.23 per cent year-on-year (YoY) from N4.66 trillion in the third quarter of 2022 (Q3 2022) to N8.54 trillion in Q3 2023, and foreign trade jumped 53.16 per cent to N 18.80 trillion, according to the latest figures released by the National Bureau of Statistics (NBS).
NBS Foreign Trade in Goods Statistics (Q3 2023) report showstotal exports grew 60.78 per cent YoY to N10.35 trillion.
“Nigeria’s total merchandise trade stood at N18.80 trillion in Q3, 2023. The value indicates an increase of 54.62 per cent over the amount recorded in Q2, 2023 as well as by 53.16 per cent when compared to the value recorded in Q3 2022,” it said.
“Total exports accounted for 55.02 per cent of total trade in the reviewed quarter with a value of N10.35trillion, showing an increase of 60.78 per cent and 74.36 per cent over the value recorded in the preceding and corresponding quarters respectively.
“Exports trade in the third quarter of 2023 was dominated by crude oil exports valued at N8,535.61 billion representing 82.50 per cent of total exports while the value of non-crude oil exports stood at N1.81 trillion accounting for 17.50 per cent of total exports; of which non-oil products contributed N677.57 billion or 6.55 per cent of total exports.
“On the other hand, the share of total imports accounted for 44.98 per cent of total trade in the third quarter of 2023 with the value of imports amounting to N8.46trillion in Q3, 2023.
“This value indicates an increase of 47.70 per cent and 33.33 per cent respectively over the value (N5.73trillion) and (N6.34trillion) recorded in the preceding and the corresponding quarters of 2022.”
__________________________________________________________________
Related articles:
Abuja planning revocation of unused oil licences
Nigeria spent $74.38b on fuel subsidy, loses N16.25tr to oil theft
TUC says Nigeria doesn’t verify daily oil output
__________________________________________________________________
Top 5 export destinations, import sources
According to the report, Nigeria’s trade balance in Q3 2023 was N1.89 trillion, with the highest export value going to Spain (N1.27 trillion), followed by India (N1.02 trillion), The Netherlands (N988.66 billion), Indonesia (N758.59 billion), and France (N720.45 billion), per The PUNCH.
Exports to the top five countries accounted for 45.98 per cent of total export value.
The highest import value came from China (N1.97 trillion), trailed by Belgium (N996.65 billion), India (N802.07 billion), Malta (N561.37 billion), and the United States (N502.92 billion).
The total N4.84 trillion represented 57.18 per cent of entire imports.
Oil still clinches dominant export value
The NBS explained “the largest export value in the third quarter of 2023 remained ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N8.54 trillion representing 82.50 per cent.
“This was followed by ‘Natural gas, liquefied’ with N1.02 trillion accounting for 9.82 per cent, and ‘Urea, whether or not in aqueous solution’ with N109.68 billion or 1.06 per cent of total exports.
“The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at N1.92 trillion or 22.71 per cent, ‘Gas oil’ with N736.66 billion or 8.71 per cent and ‘Durum wheat (not in seeds)’ with value amounting to N331.76 billion or 3.92 per cent of total imports.”
Petroleum Resources Minister of State (Oil) Heineken Lokpobiri recently reiterated that “a substantial part of our forex [foreign exchange] comes from the oil sector. So, my ambition is to see how I can lead the sector to increase production and how we can get more revenue to be able to fund strategic national projects.
“We are already increasing production steadily. As of August, it was about 1.1mbpd, but as of today it has increased to between 1.3 and 1.4mbpd exclusive of condensates, if you include condensates it will be about 1.7mbpd.”
 from N4.66 trillion in the third quarter of 2022 (Q3 2022) to N8.54 trillion ...){kind=link}