Click the link below

Despite calls for diversification of Nigeria’s revenue base to other sectors like manufacturing and agriculture, oil and gas accounted for 92.9 per cent of the country’s export earnings during the second quarter of 2016. Specifically, out of the N1.872 trillion of export earnings by the Federal Government during the second quarter of 2016, oil and gas accounted for N1.735 trillion or 92.9 per cent of the total export value. The National Bureau of Statistics, which made this known in its second quarter foreign trade statistics released last week, disclosed that natural liquefied gas recorded ?198 billion of the total export value during the period under review. Besides Nigeria’s crude oil production decreased by 51,000 barrels per day (bpd) from the 1.520 million barrels per day it recorded in July to 1.468 mbpd in August, according to the August report of the Organisation of Petroleum Exporting Countries (OPEC). The Bureau disclosed that Nigeria imported N296.1 billion wort