Nigeria’s Crude Oil Exports Dropped By N372.8bn In 3rd Quarter – NBS

The value of Nigeria’s crude oil export dipped by N372.8 billion in the third quarter of this year over the value recorded in the second quarter.
A report released by the National Bureau of Statistics (NBS) on Thursday revealed that the drop in crude oil export dragged down the country’s total export by N320.6 billion or 12.1 per cent.
NBS reported that the value of the nation’s merchandise exports totalled N2.33 trillion in the period, translating to a decrease of N320.6 billion or 12.1 percent of, N2.65 trillion recorded in the preceding quarter.
The report blamed the decline on a fall in crude oil exports within the period under review over the preceding quarter.
“Nevertheless the structure of exports is still dominated by crude oil, which contributed N1.61 trillion or 69.1 percent to the value of total domestic exports in 2015,” the report stated.
The report indicated that the value of Nigeria’s imports stood at N1.69 trillion at the end of quarter, being a decrease of 1.0 percent from the N1.71 trillion recorded in the preceding quarter.
Meanwhile, the total value of Nigeria’s merchandise trade at the end of Q3, 2015 was N4.02 trillion, translating to a 7.8 percent decrease from the N4.36 trillion recorded in the preceding quarter.

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