France, Spain, Others Become Top Customers of Nigeria’s Crude Oil in 2024
- In 2024, Nigeria remained one of Africa's leading exporters of crude oil, supplying its high-quality petroleum to several countries
- Despite shifting global energy policies and fluctuations in oil prices, there was still a strong market for Nigeria's crude oil
- France, Spain, Netherlands, Italy, among others top the list of Nigerian crude oil buyers in 2024s
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigeria continued to be one of Africa's top exporters of crude oil in 2024, providing its premium petroleum to numerous nations worldwide.
Source: Getty Images
Nigeria's crude oil continued to be in high demand despite changes in global energy policies and volatility in oil prices.
Based on recent trade data from the National Bureau of Statistics (NBS), these are the top 10 purchasers of Nigerian crude oil this year.
The US – N3.64trn
The dynamics of Nigeria's energy exports have changed, with the United States surpassing the Netherlands as the country's largest importer of crude oil in the first nine months of 2024.
Read also
Gloomy Christmas: How price of 50kg bag of rice soared from N10,000 to N100,000 in 10 years
Between January and September 2024, the US bought N3.64 trillion worth of Nigerian crude, demonstrating its importance as a trading partner.
France – N3.34trn
In 2024, Nigerian crude continued to find a steady demand in French refineries. Because Nigerian oil is compatible with the nation's current refining infrastructure and has a comparatively smaller carbon impact than heavier crude grades, it was given priority.
Nigerian crude oil imports to France totalled N3.34 trillion, demonstrating the two countries close energy relations.
Spain – N3.02trn
Spain expanded its imports from Nigeria as part of the European Union's energy diversification plan to lessen its dependency on Middle Eastern supplies.
Spain continues to be a crucial European market for Nigeria's oil exports, with imports of N3.02 trillion.
Netherlands – N2.77trn
In 2024, the Netherlands, a significant European center for oil refining and redistribution, purchased large amounts of Nigerian petroleum. Most of this oil was either re-exported to other European countries or processed locally.
The Netherlands was Nigeria's largest crude oil buyer last year. With a market value of N2.77 trillion in 2024, the Netherlands continued to be a major purchaser in the EU.
Italy – N2.64trn
In order to manufacture higher-value refined products like gasoline and diesel for European markets, Italian refiners also expanded their intake of Nigerian crude, taking advantage of its quality.
Italy solidified its position as one of the top five purchasers of Nigerian crude by importing N2.64 trillion worth of it.
Canada – N2.56trn
Canada, which bought N2.56 trillion worth of crude oil, came in sixth place, indicating strong demand in North America.
Indonesia – N2.02trn
Indonesia imported N2.02 trillion worth of crude from Nigeria in the first nine months of 2024.
India – N1.57trn
India, a large buyer of Nigerian crude historically, bought N1.57 trillion worth of oil in the first nine months of 2024, driven by its growing industrial sector and rising energy demands.
Nigerian light, sweet crude is preferred by the nation's refineries due to its low sulfur level.
Ivory Coast – N1.57trn
In 2024, Turkey became one of Nigeria's expanding markets for crude. With crude oil imports of N1.57 trillion, Ivory Coast marched India, demonstrating the importance of west regional commerce.
The UK – N1.07trn
With imports of N1.07 trillion, the UK completed the top 10 purchasers, reinforcing its trade relations with Nigeria.
Nigeria sold N14trn worth of crude oil in 3 months
Legit.ng reported that 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.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
