Nigeria realises N3.254tr in Q4 of 2017 - News Summed Up

Nigeria realises N3.254tr in Q4 of 2017


Nigeria realized N3.254trillion from crude oil export in the fourth quarter (Q4) of 2017, representing 83.2 per cent of the highest proportion of the country’s total exports during the period under review.Besides, the country spent N380.4billion on importation of mineral fuel in the same period. According to the National Bureau of Statistics, crude oil exports grew by 9.51 per cent over Q3 and by34.2 percent when compared to the same quarter of 2016.Dwelling on the total revenue generated in 2017, NBS said crude exports stood at N11.026trillion, representing 81.1 per cent of total exports in 2017, compared to N6.996trillion or 82 per cent of total exports in 2016. This, it noted, indicates a marginal decline in the share of crude exports between 2016 and 2017.Non-crude oil exports at N656.0billion in Q4 2017, also grew by 8.6 per cent over the last quarter, and 18.5 per cent Year-on-year; although not as rapidly as crude oil exports.NBS explained: “Nigeria’s import trade stood at N2.112.3trillion at the end of fourth quarter, 2017, the highest components of which were Machinery & transport equipment at N684.9 billion; Mineral fuel at N380.4billion and Chemical and selected products at N347.9billon.


Source: The Guardian March 08, 2018 04:07 UTC



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