The Nigerian Bureau of Statistics released its foreign trade statistics Q2 2015 report, the report showed that the value of Nigeria’s exports totaled N2.8 trillion in Q2 2015, an increase of N214.1 billion or 8.0% over the value recorded in the preceding quarter, yet a decline of N1.8 billion or 38.5% year on year. The structure of the exports is still dominated by Crude Oil exports, which contributed N2.1 trillion or 73.7% to the value of total domestic exports in Q2 2015. Natural Liquefied Gas was the product with the second greatest export value, recording N260.7 billion or 9.1% of the total export value during the period under review.
Exports classified by section revealed that Nigeria exported mainly ‘’Mineral Products’’, which accounted for N2.5 trillion or 87.3% of the total export value in Q2 of 2015. Other products exported by Nigeria include ‘’Vehicles, aircraft and parts thereof; vessels etc.’’ at N250.6 billion or 8.7%, Vegetable Products’’ at N36.7 billion or 1.3%, and ‘’Prepared foodstuffs; spirits and vinegar; tobacco’’ at N24.6 billion or 0.9% of the totals respectively.
Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and Brazil in the quarter of review, whose values stood at N406.1 billion (India), N297.4 billion (Spain), N296.3 billion (Netherlands), N240.9 billion (South Africa), and N147.8 billion (Brazil).
By continent, Nigeria exported goods mainly to Europe and Asia, which accounted for N1 trillion or 36.9% and N823.8 billion or 28.6% of the total export value respectively during the period under review. Nigeria exported N554.3 billion or 19.3% to the continent of Africa while export to the ECOWAS region totaled N171.1 billion, or 30.9% of all exports to Africa.