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

Four Securities Erase N51.17bn from NASD Exchange

Published

13 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.

The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.

During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.

Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 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 exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

Economy

Cautious Trading, Profit-taking Weaken Nigeria’s Stock Exchange by 0.66%

Published

14 hours ago

27/06/2026

Dipo Olowookere

By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

Economy

Official FX Market Sees Naira Dip to N1,380.93/$1

Published

14 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.

Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.

At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.

Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.

Also, a stronger greenback has generally put significant pressure on emerging-market currencies.

Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).

The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.

If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.

At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.

On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.