Petrol ranked Nigeria’s biggest import commodity in 3rd quarter, says statistics bureau

Oil vessel

Premium motor spirit (PMS), popularly called petrol, was ranked Nigeria’s number one import commodity out of a total value of Nigeria’s imports of ₦1.69 trillion in the third quarter of 2015, the Nigerian Bureau of Statistics has said.

The Bureau said in its latest foreign trade statistics published on Thursday that durum wheat and imported complete knocked down (CKD) motorcycles by established manufacturers ranked second and third out of a list of 15 commodities covered by the report.

While the total value of petrol imports for the quarter was N220.6 billion, the report said the Federal Government spent N71.64 billion and N33.93 billion on the second and third commodities respectively.

On exports, the report ranked petroleum oils and oils obtained from bituminous minerals, crude as the top export commodities, with earnings of about N1.61 trillion out of total merchandise exports of ₦2.33 trillion.

It was followed by natural and liquefied gas, with N265.2 billion earnings, with other light vessels, fire-floats, floating cranes ranked third with N112.36 billion realized from their exports.

The report said the total value of Nigeria’s merchandise trade at the end of the third quarter of 2015 stood at over ₦4.02 trillion, which showed a 7.8 per cent decline from the revised value of ₦4.36 trillion recorded in the previous quarter.

The drop in total trades value was attributed to a decrease of about ₦320.6 billion, or 12.1 per cent in exports value, combined with a marginal decline of ₦17.4 billion, or one per cent in imports value against the figures in the preceding quarter.

Total value of the country’s imports for the period under review was one per cent lower than the revised value of N1.71 trillion in the second quarter.

Details of the report revealed that the structure of the country’s imports by section was dominated by the imports of “Boilers, machinery, appliances and parts thereof”, which accounted for 24 per cent of the total value of imports in the third quarter.

The commodities that contributed significantly to the value of imports during the review period include “Mineral products” (15.3 per cent); “Vehicles, vessels, aircraft and parts thereof” (8.8 per cent); “Products of the chemical and allied industries” (8.6 per cent), and “Base metals and articles of base metals” (8.4 per cent).

Nigeria’s imports by direction showed that China, United States, Belgium, Netherlands and India brought in the most goods, with ₦459.4 billion, or 27.2 per cent; ₦160.6 billion, or 9.5 per cent; ₦128.3billion or 7.6 per cent; ₦101.8billion, or six per cent and ₦ 97.4billion, or 5.8 per cent of total value of goods respectively imported during the quarter.

A further analysis of imports by continent, showed Asia as top, with ₦764.5 billion, or 45.3 per cent total imports value, followed by Europe with ₦596.4 billion, or 35.3 per cent, and the Americas with ₦241.3 billion, or 14.3 per cent.

Africa accounted for total import of ₦65.4 billion, or 3.9 per cent, with imports from the Economic Community of West African States (ECOWAS) at about ₦16.3 billion for the period.

During the period, Nigeria’s merchandise exports dropped by 12.1 per cent from the ₦2.65 trillion recorded in the second quarter, primarily as a result of a fall in crude oil exports by ₦372.8 billion, or 18.8 per cent for the previous quarter.

However, the country’s goods were exported mainly to India, Netherlands, Spain, United Kingdom and Brazil, whose values stood at ₦408.2 billion, or 17.5 per cent; ₦245.1 billion, or 10.5 per cent; ₦211.4 billion, or 9.1 per cent; ₦192.2 billion, or 8.2 per cent and ₦169.4 billion, or 7.3 per cent respectively.

Nigeria’s export of goods went mostly to Europe and Asia, with ₦925 billion, or 39.6 per cent, and ₦682.5 billion, or 29.2 per cent respectively, while exports to Africa was valued at ₦287.9 billion, or 12.3 per cent, and ECOWAS (₦140.4 billion).


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