Despite assurances that Nigeria is working to diversify its economy away from oil, the African OPEC member continues to depend heavily on oil exports, and consequently, on oil prices, for its international trade and export revenues, as the latest data from Nigeria’s National Bureau of Statistics showed on Tuesday. The value of Nigeria’s crude oil exports in the third quarter accounted for a good 85.4 percent of the value of all exports, according to the bureau’s foreign trade statistics Q3 2018 report. Other oil products accounted for 11.2 percent of Nigeria’s total exports, while non-oil products made up a mere 3.4 percent of the country’s export transactions in the third quarter. The value of Nigeria’s crude oil exports rose by 10.03 percent from Q2 and by 39.5 percent compared to the third quarter of 2017. Europe was the number-one destination for Nigerian crude oil exports in Q3 2018, followed […]