00:00Nigeria sold to other countries than it bought from them, making a 12.6 trillion naira surplus.
00:06But much of that money still comes from oil.
00:09Nigeria exported about 27 trillion naira worth of goods between April and June,
00:14while imports stood at about 14.4 trillion naira.
00:18That left the country with a 12.59 trillion naira trade surplus,
00:23almost 67% higher than the previous quarter.
00:26And a closer look at these numbers shows how important oil remains.
00:31Other oil products added another 10.38 trillion naira.
00:35There were some growth outside oil, particularly in raw materials and solid minerals,
00:40but it was not a cross-board.
00:43Agricultural exports declined, while manufactured exports grew from the previous quarter,
00:49but were still significantly below where they were a year ago.
00:52The trade surplus is strong, but it also shows that oil remains central
00:57to what Nigeria earns from the rest of the world.
01:00The bigger question is, can Nigeria grow its non-oil exports enough to reduce that dependence?
01:06Is that a matter of fact that it's also things that� if you need to do it in place to
01:06improve it?
01:07Our postcards might sell them without a single source.
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