Nigeria earns N749bn from gas exports in three months — NBS

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Dublin Ireland — Nigeria earned N749.646 billion from the export of liquefied natural gas (LNG) and other petroleum gas products in the first quarter of 2022, the National Bureau of Statistics (NBS) has revealed.

According to the NBS, in its Foreign Trade Statistics for the First Quarter of 2022, Nigeria’s gas export earnings in the quarter under review appreciated by 15.87 per cent and 46.23 per cent when compared to the N646.993 billion and N512.663 billion earned from the export of the same commodities in the fourth quarter and first quarter of 2021, respectively.

Giving a breakdown of gas exports, the NBS disclosed that in the first quarter of 2022, the country earned N655.943 billion and N93.703 billion from the export of natural gas and other petroleum gases, respectively.

The NBS noted that natural gas was the second most exported commodity in the first quarter of 2022, accounting for 9.24 per cent of Nigeria’s total export in the period; while other petroleum gases ranked as the fourth most exported commodity, accounting for 1.32 per cent of Nigeria’s total export.

In comparison, in the fourth quarter of 2021, liquefied natural gas export fetched the country N573.846 billion, while the value of other petroleum gases export stood at N73.147 billion; ranking second and fifth most exported commodity, and accounting for 9.95 per cent and 1.27 per cent of total exports, respectively, in the period.

In the first quarter of 2021, the export value of liquefied natural gas and other petroleum gases stood at N455.666 billion and N56.997 billion, respectively; accounting for 15.67 per cent and 1.96 per cent, respectively, of total exports, and ranking as the second and fourth most exported commodity in the first quarter of 2021.

In addition to gas exports, the country also earned N12.71 billion the export of propane in the first quarter of 2022, dropping by 39.36 per cent compared with N20.96 billion recorded from the export of the same commodity in the fourth quarter of 2021; while the first quarter figures represented an increase of 3.59 per cent compared with the N12.265 billion recorded in the first quarter of 2021.

Propane is a by-product of crude oil refining and natural gas processing. Since Nigeria’s refineries are currently not operational, it means the product is likely from natural gas processing.

Propane is the 13th most exported commodity in the first quarter of 2022, accounting for 0.18 per cent of total export in the same period; while in the fourth quarter and first quarter of 2021, the commodity ranked as the ninth and eleventh most exported commodity, accounting for 0.36 per cent and 0.42 per cent of total exports in their respective periods.

The NBS stated that: “In the first quarter of 2022, Nigeria’s total trade stood at N13.001 trillion, this was higher than the value recorded in the fourth quarter of 2021 (N11.707 trillion) and the value recorded in the corresponding period of 2021 which stood at N7.860 trillion. Total exports were N7.100 trillion of which re-exports stood at N115.80 billion, while total imports stood at N5.901 trillion.”