Nigeria Exports $19.13bn Oil In 2018
Nigeria Extractive Industry Transparency Initiative (NEITI) says the country’s oil exports in 2018 was $19.129 billion, accounting for 30.6 percent of the total exports of $62.493 billion from the country.
The agency in a tweet Monday noted that the exports were based on the size of the industry’s contribution to the country’s gross domestic product (GDP) which stands at $32.703 billion.
NEITI in its tweet titled the contribution of the oil and gas industry to the Nigerian economy in 2018 noted that the total GDP of Nigeria in 2018 was $418.123 billion of which the oil sector’s contributions represent 7.8 percent.
The report also noted that the sector was responsible for $29.245 billion which represents 93.5 percent of the total $31.266 billion government revenue from oil and non-oil sectors in 2018. This amount covers taxes, royalties, bonuses, fees and other payments from the oil industry.
NEITI in the reports also noted that a total of 19,820 comprising 3,595 females and 16,225 males were employed in the industry in 2018. This represents 0.03 percent of the total of 69.54 employees in the country.
For the year reviewed, the agency reveals that 1,894 pipeline breaks were recorded in the sector of which the highest occurrence was in PortHarcourt in Rivers state and followed by Mosinmi in Lagos state.
Breakdown of the pipeline break incidences showed 948 recorded in PortHarcourt, 784 in Lagos, 107 in Kaduna, 43 in Gimbe area and Warri recorded 12 pipeline breaks.
NEITI report also showed that the aggregated revenue from the extractive sector in 2018 was $32.626 billion of which $19.922 billion was transferred into the federation account, $5.208 billion into cash-calls, and $4.037 billion into NNPC designated accounts.
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