Nigeria earns N2.8trn from petroleum products in 3 months

According to a data released by the National Bureau of Statistics (NBS), Nigeria earned N2.838 trillion from the export of petroleum products in the first quarter of 2015. The amount is 64.18 per cent of the Federal Government’s 2015 budget of N4.425 trillion. The NBS, in its Foreign Trade Statistics for the first quarter of the year, stated that the export of petroleum products accounted for 87.86 per cent of Nigeria’s total merchandise export of N3.23 trillion in Q1. 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.