Oil accounts for 78% of Nigeria’s exports in Q4 2020


OpeOluwani Akintayo 

Lagos — Crude oil, petroleum oils and oils obtained from bituminous minerals accounted for over 70% of Nigeria’s total exports in the fourth quarter of 2020, according to figures from the National Bureau of Statistics, NBS.

The NBS said in its recently-released ‘Foreign Trade Statistics Q4 2020’ that the country exported a total of 78.9% of oil products within the period while exports of other products accounted for the balance.

The report indicated that total oil exports during the period under review amounted to N2.52 trillion while non-oil exports amounted to a total of N914.43 billion in revenue for the country.

The value of crude oil exports in the fourth quarter of 2020 increased by 4% compared to the preceding third quarter of the year, but decreased by 30.5% compared to the fourth quarter of 2019. In 2020, the value of crude oil exports was 35.7% lower than recorded in 2019.

The value of total exports in the fourth quarter 2020 increased by 6.7% against the level recorded in the third quarter of Q3, 2020 but decreased by 33.3% compared to the fourth quarter of 2019. On an annual basis, total export was 34.8% lower in 2020 than recorded in 2019.

India remained the top export destination for Nigeria during the quarter under review. The top five export destinations were India, Spain, South Africa, the Netherlands and the U.S.A. with goods valued at N547.0 billion or 17.12 % of the value of total exports, N313.4 billion or 9.8 %, N256.7 billion or 8.03 %, N194.5 billion or 6.09 %, and N170.4 billion or 5.33% respectively.

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The five countries collectively accounted for 46.39% of the value of total exports in the fourth quarter of 2020.

Total value exported to Asia was N887.63 billion; Europe, N853.4 billion; Africa, N431,36 billion. America, N333.45 billion; and Oceania, N15.48 billion.

 

 

 

 

 

 



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