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Petrol import drops by N175.2bn in Q2 – Report

The import value of motor spirit (petrol) dropped by N175.2 billion in the second quarter of this year from N315.7 billion recorded in the corresponding…

The import value of motor spirit (petrol) dropped by N175.2 billion in the second quarter of this year from N315.7 billion recorded in the corresponding quarter of 2014.
Data released yesterday by the National Bureau of Statistics (NBS) in Abuja revealed that  motor spirit import value dropped year-on-year from N315.7 billion to N140.5 billion.
“Motor spirit remained the product with the greatest import value, at N140.5 billion, or 9.4 percent of the total Q2 2015 bill,” the report stated.
Daily Trust’s analysis showed that the petrol import value also dropped by N59.2 billion from N181.3 billion recorded in first quarter of this year to N140.5 recorded in the second quarter.
The report showed that the total value of Nigeria’s imports dropped by N234.5 billion in the second quarter of this year.
NBS indicated that import value in Q2 2015 dropped to N1.53 trillion from N1.73 trillion recorded in the preceding quarter.
Analysis revealed that the drop translated to  13.6 percent decrease from the record of the previous quarter.
Year-on-year analysis showed that import trade was lower by N484.0 billion or 24.5 percent.
The report indicated that crude oil exports dominated the export structure, contributing N2.12 trillion, translating to 73.7 percent to the value of total domestic exports in Q2 of 2015.
Total Export value amounted to N2.88 trillion in the period, being a decline of N1.8 billion or 38.5 percent of total export value recorded the same period in 2014.
Nigeria imported goods mostly from China, United States, India, Belgium and Netherlands, which respectively accounted for N336.5 billion or 22.5 percent, N143.6billion or 9.6 percent, N115.4billion or 7.7 percent, N83.4billion or 5.6 percent and N80.9billion or 5.4 percent of the total value of goods imported during the quarter.
Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at N406.1 billion or 14.1 percent, N297.4 billion or 10.3 percent, N296.3 billion or 10.3 percent, N240.9 billion or 8.4 percent and N147.8 billion or 5.1 percent of the total exports respectively.
 

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