By Michael Eboh & Chiamaka Ajeamo,
Total value of Nigeria’s oil exports stood at N2.315 trillion in the first half of 2016, H1’16.
According to the Foreign Trade Statistics of the National Bureau of Statistics, NBS, this figure represented a decline by N1.344 trillion or 36.73 per cent compared to first half 2015 figure of N3.659 trillion.
It also represented a drop of N835 billion or 26.51 per cent when compared against the H2’15.
Giving a breakdown of the crude oil export in H1’16 the NBS report noted that in the first quarter, Q1’16, the figure was N821.87 billion while Q2’16 figure rose to N1.5 trillion, due mainly to devaluation of the Naira.
Further analysis of total exports in the second quarter showed that petroleum products accounted for majority of Nigeria’s export, as mineral products accounted for N1.735 billion or 92.7 per cent of the country’s total export value, while Liquefied Natural Gas, LNG, recorded N198 billion of the country’s total export value in the second quarter of 2016.
According to the NBS report, India emerged the highest buyer of Nigeria’s crude oil in the second quarter of 2016, with N362.906 billion; while the United States followed with the purchase of N224.08 billion worth of Nigeria’s crude oil.
Spain, Netherlands and South Africa purchased Nigeria’s crude oil valued at N181.66 billion, N123.88 billion and N99.22 billion respectively.
Other destinations of Nigeria crude oil export include Canada, Indonesia, Germany, France and Italy, accounting for N85.81 billion, N83.66 billion, N24.62 billion, N56.75 billion and N41.05 billion respectively.
Oil earnings dip by N577bn
Meanwhile, the Central Bank of Nigeria, CBN, stated that amount accruing to the federation account from oil sales as at end H1’16 stood at N1.203 trillion, indicating that about N1.112 trillion of the total value of oil exports must have accrued to Joint Venture partner oil companies and others.
The accruals to the federation account show a drop of N577 billion from N1.78 trillion recorded in H1’15.
In its analysis of Federally-collected revenue the CBN, in its Economic Report for Q2’16, stated that the country recorded oil revenues of N666.13 billion and N537.19 billion in Q1’16 and Q2’16 respectively.
This was in comparison to oil revenues of N949.45 billion and N830.81 billion recorded in Q3’15 and Q4’15 respectively.
Also, the report noted that at N1.203 trillion, Nigeria’s crude oil revenue in the H1’16 declined by 41.29 per cent, representing a decline of N846 billion when compared with oil revenue of N2.049 trillion recorded in the corresponding period in 2015.
Specifically, in Q1’15 and Q2’15, Nigeria’s crude oil revenue stood at N1.211 trillion and N839.02 billion respectively.
The CBN blamed the decline in oil revenue on the continued fall in receipts from crude oil and gas exports arising from persistent low price of crude oil.
The CBN also attributed the drop to incidences of shut-ins and shut-downs at some Nigerian National Petroleum Corporation, NNPC, terminals, owing to pipeline vandalism.
As a result, the report noted that at N1.224 trillion, non-oil earnings accounted for 50.4 per cent of gross federally-collected revenue of N2.428 trillion in the first half of 2016, while oil earnings accounted for 49.6 per cent of total federally-collected revenue.