Politics
Just In: N8.5tn Oil Revenue Achieved With Notable 83% Rise, NBS Report Reveals

The National Bureau of Statistics’ ‘Foreign Trade in Goods Statistics (Q3 2023)’ report revealed that the boost in trade activities contributed to a 60.78% growth in total exports, reaching N10.35 trillion. This data indicates a 54.62% increase over the previous quarter and a 53.16% rise compared to the same quarter in 2022.
Crude oil exports dominated the export landscape, accounting for 82.50% of total exports at N8,535.61 billion, while non-crude oil exports contributed N1.81 trillion, representing 17.50% of total exports.
Imports accounted for 44.98% of total trade, with an import value of N8.46 trillion in the third quarter of 2023. This reflects a 47.70% increase over the preceding quarter and a 33.33% rise compared to the same period in 2022.
The trade balance for the country stood at N1.89 trillion. Top export destinations included Spain, India, The Netherlands, Indonesia, and France, which collectively received 45.98% of the total value of exports. China, Belgium, India, Malta, and the United States were the leading countries from which Nigeria imported goods, representing 57.18% of total imports.
In terms of exported goods, petroleum oils and oils obtained from bituminous minerals, crude, accounted for the largest value, representing 82.50% of total exports. On the import side, motor spirit ordinary, gas oil, and durum wheat were the commodities with the largest values.
The report also highlighted challenges in Nigeria’s oil production, with the country falling below its target of 1.69 million barrels per day in 2023. Despite the World Bank noting subdued oil production, the country’s crude oil output experienced fluctuations, reaching 1.35 million barrels per day in September 2023 and later rising to about 1.7 million barrels per day, according to the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
The increase in exports may be linked to the devaluation of the naira earlier in the year, with JP Morgan acknowledging that a weaker exchange rate could result in higher naira revenues from oil and gas exports.
latest
2027: Tinubu Will Lose If ADC Is On Ballot – Amaechi.
Former Minister of Transportation, Rotimi Amaechi, has stated that President Bola Tinubu would lose the 2027 presidential election if the African Democratic Congress (ADC) is allowed to participate fully.....KINDLY READ THE FULL STORY HERE▶
latest
Tinubu Signs 2026 Budget, Expands 2025 Appropriation Bill Into Law.
President Bola Ahmed Tinubu has signed the ₦68.32 trillion 2026 Appropriation Bill into law.....KINDLY READ THE FULL STORY HERE▶
latest
You Can’t Claim To Be Opposition Without Winning Elections – Wike Blasts ADC, Others.
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has said that no political party can genuinely claim to be an opposition force without winning elections, insisting that political relevance is proven only at the ballot box and not through alliances or public declarations.....KINDLY READ THE FULL STORY HERE▶
-
latest8 months ago“Social Media Erupts As Jim Iyke Declares Rita Dominic Nollywood’s Most Beautiful”
-
latest2 years agoEdo Political Showdown: Oshiomhole Appears At Presidential Villa As Tinubu Hands APC Gubernatorial Flag To Okpebholo (Photos & Video)
-
entertainment2 years agoLove Knows No Age American Woman Defends Marriage To Young Nigerian Man “I’m Not 70”
-
latest2 years agoOlumide Akpata Strikes Again: Drops Killer Track, Sends Edo State Into Frenzy!(Video)
-
Politics2 years agoNigerians React As Pastor Adeboye Foresees Passing Away On A Sunday After Enjoying A Satisfying Meal Of Pounded Yam
-
latest2 years agoFG Identifies 31 States At Risk Of Heavy Flooding In 2024: See Full List
-
latest2 years ago5 NYSC Corpers Perish In Fatal Road Accident Returning From Camp
-
Politics2 years agoBREAKING: Inspector-General Of Police Summons Top Police Commanders For Crucial-Security Challenges
