Economy

Crude Oil Accounts for 74.45% of Nigeria’s Exports in Q1 2019

Published

7 years ago

09/06/2019

By Dipo Olowookere

It seems efforts by the administration of President Muhammadu Buhari to diversify the nation’s economy so as to stop the heavy reliance on crude oil as Nigeria’s major exports are not yielding any meaningful results.

This is because the commodity is still the main driver of the economy despite attempts to make the non-oil industry contribute significantly to revenue generated.

Last week, the National Bureau of Statistics (NBS) released the Foreign Trade in Goods Statistics for the first quarter of 2019, but the figures showed that much of the trades carried out by the Africa’s largest economy was still in the oil sector.

According to the stats office, Nigeria’s export in the first quarter of this year was still oil dependent, with exports trade dominated by crude oil exports, which contributed N3.377 trillion or 74.45 percent to the value of total exports in Q1, 2019.

However, the non-oil products accounted for 25.55 percent of total exports in the quarter under review.

In Q1 2019, Nigeria exported most products to Europe, Asia and Africa equivalent to N1.833 trillion or 40.43 percent of total exports, N1.325 trillion or 29.2 percent and N936.8 billion or 20.67 percent respectively.

Furthermore, Nigeria exported goods worth N405.8 billion or 8.95 percent to the Americas and N34.5 billion or 0.76 percent to Oceania.

Within Africa, Nigeria exported goods valued at N300.6 billion to ECOWAS member states, representing 32.08 percent of total merchandise exports to Africa.

By country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745.0 billion or 16.43 percent, N487.1 billion or 10.74 percent, N405.4 billion or 8.9 percent, N325.5 billion or 7.2 percent and N302.3 billion or 6.7 percent respectively.

In the report, the NBS said the total trade recorded in Nigeria in the first quarter of 2019 grew by 2.50 percent when compared with what was achieved in the fourth quarter of and by 7.52 percent as against the corresponding quarter in 2018.

In the period under consideration, the country’s total exports was recorded at N4.535 trillion, which represents a 1.78 percent rise compared with the fourth quarter of 2018 but a 3.9 percent fall compared to the first quarter of 2018.

Similarly, the value of total imports increased to N3.704 trillion, representing an increase of 3.39 percent relative to Q4 2018 and 29.84 percent compared with Q1 2018.

It further stated that the trade balance of Nigeria remained positive at N831.6 billion in the first quarter of this year, boosted by increase in both exports and imports, with the boost also helped total trade increase to N8.239 trillion.

A breakdown of the imports showed that imported agricultural products were 7.98 percent higher in value than in Q4 2018, and 28.1 percent higher than in Q1, 2018, while the value of raw material imports grew 6.62 percent more than the value recorded in Q4, 2018 and 20.76 percent more than the value recorded in Q1 2018.

Also, the value of solid minerals imports was 1.26 percent more than the value of imports in Q4, 2018 and 35.90 percent higher than the value recorded in Q1 2018, while the value of energy goods imports was 20.28 percent lower than in Q4, 2018. Compared with the corresponding quarter of 2018, a decrease of 0.94 percent was recorded.

In the report analysed by Business Post, the stats office said the value of imported manufactured goods increased by 25.81 percent in Q1, 2019 against the value recorded in Q4, 2018 and rose by 130.7 percent against its value in Q1, 2018. The increase in value of imported manufactured goods was partly as a result of the importation of hygienic/ pharmaceutical product for humanitarian purposes during the quarter.

In addition, the value of other oil products imported was 58.4 percent lower than in Q4, 2018 and 72.71 percent lower than the corresponding quarter of 2018.

For the exports, the value of agricultural exports in Q1 2019 was 11.89 percent lower than in Q4, 2018 but 17.5 percent higher than Q1 2018.

The value of raw material exports in Q1, 2019 was 10.67 percent lower than the value in Q4, 2018 but 11.57 percent higher than in Q1 2018.

The value of solid minerals exports increased by 16.88 percent relative to Q4 2018 but decreased by 66.6 percent compared to the corresponding quarter in 2018.

The exports of energy goods decreased in value by 1.3 percent compared to Q4, 2018 but increased by 2.17 percent when compared with Q1 2018.

The value of manufactured goods exports rose by 511.19 percent in Q1 2019 when compared with the value recorded in Q4 2018 and 6.43 percent compared to the corresponding quarter in 2018. The increase in export during the quarter was due to the re-export of vessels and other floating structures during the quarter, amongst other high value re-exports.

The value of crude oil exports in Q1 2019 was 7.78 percent lower than in Q4 2018 and 5.67 percent lower than in Q1 2018.

The value of other oil products exports decreased by 1.42 percent compared to Q4 2018, and 1.44 percent compared to Q1 2018.

Economy

MRS Oil, FrieslandCampina Wamco Shrink NASD Index by 0.68%

Published

1 day ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.

MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.

As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.

The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.

Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.

When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.

Economy

NGX Index Rebounds 0.15% on Renewed Interest in Financial Stocks

Published

1 day ago

06/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.

Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.

This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.

Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.

The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.

On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.

Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.

Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.

At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.

Economy

Naira Depreciates to N1,362/$1 at Official Market

Published

1 day ago

06/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.

However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.

For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.

The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.

Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.

As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.

Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.

Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.