Petroleum oils, bituminous minerals, crude Nigeria’s largest exports in Q2 2023 – NBS
Petroleum oils and oil obtained from bituminous minerals and crude are Nigeria’s largest exports in the second quarter of 2023.
The National Bureau of Statistics latest Foreign Trade in Goods Statistics(Q2 2023) disclosed this data.
The report said the value of Petroleum oils, oil obtained from bituminous minerals and crude stood at N5,586.29 billion, representing 79.63 percent of N7,015.71 billion worth of total exports in the period under review.
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‘Natural gas, liquefied’ trailed behind petroleum oils with N639.37 billion, accounting for 9.11 per cent, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.16 per cent of total exports.
DAILY POST recalls that Nigeria’s foreign trade in Q2 2023 stood at N12,741.96 billion, consisting of N7,015.71 billion exports and total imports of N5,726.25 billion.
Petroleum oils are used to create plastics, make machinery work, and make cosmetics, while Oils from bituminous minerals are used to make paint and building materials. Likewise, crude is used for making gasoline, fuel and plastics.
(Daily Post)
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