PMS, used vehicles, gas oil account for Nigeria’s largest imports in Q2 2023 – NBS

Premium Motor Spirit, also known as petrol, used vehicles and gas oil, are Nigeria’s largest imports in the second quarter of 2023.

The National Bureau of Statistics’ latest Foreign Trade in Goods Statistics disclosed.

Accordingly, petrol represented 21.50 per cent of Nigeria’s imports in Q2 2023, valued at N1,230.95 billion.

Meanwhile, ‘Used Vehicles, with diesel or semi-diesel engine of cylinder capacity >2500cc’ represented 12.82 percent of imports valued at N733.92 billion.

Likewise, ‘Gas oil’ comprised 4.03 per cent of the country’s imports, valued at N230.83 billion.

The implication is that Nigeria spent N2.194.87 billion on petrol imports, used vehicles and gas oil in Q2 2023.

DAILY POST recalls that Nigeria spent N5,726.25 billion on imports in Q2 2022.

(Daily Post)

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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.

‘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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