July 14, 2024
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OIL & GAS

Over 81% of Nigeria’s Exported Products in Q4 is Petroleum Oils

The National Bureau of Statistics revealed that the largest exported product in Nigeria in the fourth quarter of 2023, was petroleum oils and oils obtained from bituminous minerals crude, representing 81.23% of the country’s exports.

Nigeria’s Oil and Gas Sector Contributes 5.34% to Q2/2023 GDP, NBS Report Reveals

NBS explained that in terms of value, Nigeria’s petroleum oils and oils obtained from bituminous minerals crude amounted to N10,310.70 billion, followed by natural gas at N1,015.84 billion (8.00%) and urea at N251.90 billion (1.98%).

Total exports increased by 28%, reaching N12,693.62 billion compared to N10,346.60 billion previously.

NBS Report Shows Nigeria’s Petrol Price Surged by 160% Compared to january 2023

Conversely, total imports surged by 56.04% compared to the third quarter of 2023, reaching N9,041.24 billion.

The agency noted the total foreign trade in Q4 2023 amounted to N26,801.95 billion.

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