By Michael Eboh
NIGERIA earned N3.797 trillion from the export of crude oil in six months, between January and June 2015, data obtained from the National Bureau of Statistics, NBS, has revealed. The amount earned from crude oil export is 84.57 per cent of the country’s 2015 budget of N4.49 trillion passed by the National Assembly. But it is also 146 per cent higher than the N2.61 trillion voted for recurrent expenditure in the budget and about six times the country’s capital expenditure of N556.9 billion.
Specifically, the NBS in its Foreign Trade Statistics for the Second Quarter, Q2 of 2015, stated that in Q1 2015, the country exported crude oil valued at N1.675 trillion, while in Q2, the amount rose by 26.63 per cent to N2.121 trillion. Crude oil exports accounted for 68.5 per cent of the country’s total export of N5.544 trillion for the first six months of the year.
In particular, Nigeria’s total imports for the six-month period stood at N3.22 trillion, total exports stood at N5.544 trillion, leaving a balance of N2.323 trillion. In addition to crude oil exports, non-crude oil exports stood at N1.748 trillion while non-oil exports stood at N719.74 billion. To this end, the country’s total trade for HY1 stood at N8.765 trillion, 62.98 per cent less than total trade of N23.68 trillion recorded in 2014.
A breakdown of Nigeria’s export destination for HY1 2015, shows as follows: Africa: N1.05 trillion – ECOWAS countries – N423.83 billion. The Americas: N596.83 billion – United States, Canada and Brazil, accounting for N158.33 billion, N46.82 billion and N307.95 billion respectively. Europe: N2.055 trillion – Germany – N146.25 billion; United Kingdom – N157.47 billion; Netherlands – N600.43 billion; Italy – N130.99 billion; France – N231.86 billion; and Spain – N531.97 billion.
Asia: N1.602 trillion – Japan and China accounting for N209.5 billion and N114.24 billion respectively, while Oceania received N230.7 billion.
In general, the NBS said, “The total value of Nigeria’s merchandise trade during the second quarter of 2015, was recorded at ¦ 4.372 trillion. This was 0.5 per cent less than the value of ¦ 4.392 trillion recorded in the preceding quarter.
“In comparison with the corresponding quarter of 2014, the value of the total merchandise trade decreased by ¦ 2.287 trillion or 34.3 per cent. “Relative to the preceding quarter, a rise of ¦ 214.1 billion or 8.0 per cent, in the value of exports combined with a decline of ¦ 234.4 billion or 13.6 per cent, in the value of imports improved the country’s trade balance, which increased by 47.9 per cent or ¦ 448.6 billion during the quarter.
“Year on year, the country’s trade balance declined by 48.8 per cent as imports declined by 24.5 per cent whilst exports declined even further by 38.5 per cent.”The NBS, in the same report, had stated that the country spent N453.45 billion on the importation of fuel in six months, between January and June 2015.
The NBS pointed out that the amount spent on fuel import in the first six months of the years accounted for 14.08 per cent of total imports of N3.22 trillion recorded in the period. Specifically, in the first quarter of 2015, the country spent N288.87 billion on fuel import, while the amount dropped by 43 per cent to N164.58 million in the second quarter of the year.
The amount spent on fuel in the first half of 2015 was 37.7 per cent of the N1.2 trillion spent on fuel imports for the whole of 2014, and more than double the N264.85 billion spent in the whole of 2013.