Nigeria earns N7trn from crude oil exports

ABUJA—Nigeria recorded slight improvement in crude oil revenue in 2016, as total export appreciated by 0.75 per cent to N6.997 trillion at the end of 2016, according to data obtained from the National Bureau of Statistics, NBS.

This amount is 96.09 per cent of Nigeria’s proposed 2017 budget estimate of N7.281 trillion, while it represented 116.04 per cent of the 2016 budget estimate.

The amount was from crude oil exported by oil companies operating in the country and the Nigerian National Petroleum Corporation, NNPC, from Joint Venture, JV, Production Sharing Contract, PSC, and Alternative Finance arrangements.

In its Foreign Trade Statistics Report for 2015 and Merchandise Trade Index/Re-Export report for the fourth quarter of 2016, the NBS disclosed that at N6.997 trillion, crude oil export rose by N52 billion from N6.945 trillion recorded in the 2015.

Giving a breakdown of crude oil export on a quarter-on-quarter basis, the NBS report showed that in the first quarter of 2016, crude oil valued at N1.128 trillion was exported, while N1.486 trillion worth of the commodity was exported in the second quarter of 2016.

For the third and fourth quarters of 2016, the report showed that N1.958 trillion and N2.425 trillion worth of crude oil were exported respectively.