May 30, 2024

Nigeria earns N1.26trn from gas exports in 12 weeks


Ilenre Irele

Nigeria secured N1.257 trillion from the export of natural gas and other gas products in the fourth quarter of 2023, according to data released by the National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Report for the Fourth Quarter of 2023, stated that the amount earned from gas export in the period under review was 78.88 per cent higher than the N704.878 billion recorded from gas exports in the same period in 2022.

According to the NBS, gas exports accounted for 9.9 per cent of total exports in the fourth quarter of 2023, compared with 11.08 per cent in the same period in 2022.

Giving a breakdown of gas exports in 2023, the NBS reported that natural gas export stood at N1.02 trillion, other petroleum gases export stood at N150.662 billion, while the country earned N90.705 billion from liquefied petroleum gas export, accounting for eight per cent, 1.19 per cent and 0.71 per cent of total exports, respectively.

Specifically, natural gas, other petroleum gas and liquefied petroleum gas export ranked second, fourth and seventh most exported commodities in the period under review.

In comparison, in the fourth quarter of 2022, the country only exported natural gas, valued at N704.878 billion, ranking the second most exported commodity and accounting for 11.08 per cent of total export in the fourth quarter of 2022.

In its analysis of exports in the fourth quarter of 2024, the NBS said: “Further analysis on fourth-quarter trade by partners shows that the top five export destinations were the Netherlands with N1.910 trillion or 15.05 per cent, India with N1.101 trillion or 8.68 per cent, Spain with N1.030 trillion or 8.11 per cent, Canada with N907.64 billion or 7.15 per cent, France with N799.77 billion or 6.30 per cent of total exports.

“Altogether, exports to the top five countries amounted to 45.29 per cent of the total value of exports. The largest exported product in the fourth quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ valued at N10.311 trillion representing 81.23 per cent, this was followed by ‘Natural gas,’ with N1,015.84 billion accounting for 8.0 per cent and ‘Urea, whether or not in aqueous solution’ with N251.90 billion or 1.98 per cent of total exports.”

In general, the NBS said: “In the fourth quarter of 2023, Nigeria’s total trade stood at N26.802 trillion. Exports were valued at N12.694 trillion while imports amounted to N14.108 trillion. On an annual basis, total trade was N71.880 trillion, of which imports amounted to N35.918 trillion, and exports were recorded at N35.962 trillion.

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