Nigeria Sold N14trn Worth of Crude Oil in 3 Months, 10 Countries Emerge as Biggest Customers
- The NBS has revealed the list of countries buying Nigeria's crude oil, with sales totalling over N14 trillion in three months
- Crude oil is Nigeria's main export and was a key factor contributing to the seventh consecutive quarter of trade surplus
- The federal government of Nigeria heavily relies on revenue from crude oil for budget implementation
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that Nigeria sold N14.55 trillion worth of crude oil in Q2 2024, between April and June 2024.
This represents a 5.99% decrease from the N15.48 trillion sold in Q1 2024.
However, on a year-on-year basis, the value of oil exports in Q2 2024 represents a 190.86% increase from the N5 trillion reported in Q2 2023.
Source: Getty Images
NBS captured the sales in its second quarter foreign trade report obtained by Legit.ng from its website.
Snapshot of Nigeria's trade data
In the second quarter of 2024, Legit.ng reported that Nigeria recorded a total merchandise trade of N31.89 trillion.
Exports within the period under review stood at N19.4 trillion, while imports were N12.47 trillion.
Nigeria's export trade continued to be dominated by crude oil.
Crude oil exports were valued at N14.55 trillion, representing 74.98% of total exports.
In contrast, non-crude oil exports amounted to N4.85 trillion and accounted for 25.02% of total exports.
Within this non-crude oil category, non-oil products contributed N1.94 trillion, or 10.01% of total exports.
10 countries buying Nigerian crude and value
The NBS also provided information on the countries that purchased Nigeria's crude oil worth over N11.4 trillion.
Spain:
Spain was the top buyer of Nigerian crude oil in the second quarter of 2024, surpassing France, which had led in the first quarter.
Data from the NBS shows that the European country purchased a total of N1.63 trillion worth of crude oil. Spain imported N1.72 trillion worth of crude oil from Nigeria in the first quarter.
United States:
Close behind Spain, the United States imported Nigerian crude valued at N1.62 trillion in Q2, maintaining its position as one of Nigeria's largest customers.
France:
France imported Nigerian crude oil worth N1.43 trillion in the second quarter, making it one of the largest buyers in Europe.
This figure is slightly lower than the N1.86 trillion imported in the first quarter of 2024.
Ivory Coast:
Ivory Coast imported N1.34 trillion worth of Nigerian crude oil over three months, positioning it as Nigeria's largest trading partner in Africa.
In the first quarter, Ivory Coast purchased N717.49 billion worth of crude oil.
India:
India, a major energy consumer, imported N1.11 trillion worth of Nigerian crude oil in the second quarter of 2024.
This figure represents an increase from the N1.30 trillion reported in the first quarter of 2024.
Other countries' crude oil purchases in Q2
- Canada – N1.16 trillion
- Italy – N1.16 trillion
- Netherlands – N0.98 trillion
- Indonesia – N85 billion
- China – N21 billion
Dangote imports 11 million barrels of crude from US
Legit.ng previously reported the Dangote refinery, while looking to begin production in July, imported 11 million barrels of crude oil from the US.
The refinery placed a tender for five million barrels of West Texas Crude and another six million barrels for September.
The refinery management accused international oil companies (IOCs) of inflating premium prices above international costs.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
