Oil Still Accounts For 92% Of Nigeria’s Earnings

Oil Still Accounts For 92% Of Nigeria’s Earnings

Despite the efforts of the Federal Government to diversify the economy away from oil to non-oil sector, receipts from the oil and gas sector still account for a huge chunk of the country’s total exports’ earnings, The Punch reports.

An analysis of the foreign trade statistics obtained from the National Bureau of Statistics revealed that out of the total export earnings of N3.1tn for the second quarter of this year, oil and gas accounted for N2.43tn, while the non-oil sector accounted for the balance of N670bn. A breakdown of the export earnings showed that petroleum oil and oil obtained from bituminous minerals generated the sum of N2.42tn, representing 78.18 per cent.

This was followed by natural and liquefied gas with N412.49bn or 13.3 per cent, other petroleum gases with 1.16 per cent, and other liquefied petroleum gases and gaseous hydrocarbons, N19.63bn. A further analysis of the report showed that the country earned N17.81bn from naphthalene; N16.59bn from propane; N13.52bn from cashew nuts; N12.51bn from medium petroleum oil; N10.29bn from butanes and N10.14bn from urea.

In the same vein, the sum of N9.62bn was received as export earnings from cigarettes; N9.41bn from electrical energy; N8.33bn from cocoa; N7.02bn from sesame seeds and N4.16bn from kerosene jet fuel.

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