Nigeria Sold Over N55trn Worth of Crude Oil in 2024, 10 Countries Biggest Customers
- The National Bureau of Statistics has revealed the list of countries buying Nigeria's crude oil in 2024
- Nigeria sold over N55 trillion worth of goods to different countries in the 12 months under review
- Crude oil is Nigeria's main export and remains the main source of revenue for the federal government to implement its budget plans
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 N55.28 trillion worth of crude oil in 2024.
This represents a 90.63% increase compared to the N29 trillion sold in 2023.
Source: Getty Images
NBS captured the sales in its fourth quarter foreign trade report obtained by Legit.ng from its website.
Snapshot of Nigeria's trade data
The bureau reported that Nigeria's highest crude oil sales for the year occurred in the first quarter, with N15.48 trillion worth of crude sold between January and March (Q1).
This was followed by N12.60 trillion in the second quarter (April–June), N13.40 trillion in the third quarter (July–September), and N13.78 trillion in the fourth quarter (October–December).
10 countries buying Nigerian crude and value
The NBS also provided information on the countries that purchased Nigeria's crude oil worth over N13 trillion in Q4.
Source: Getty Images
Nigeria remains a key crude oil exporter, with Europe and Asia continuing to dominate its buyer list.
France – N1.75 trillion
France emerged as the top buyer of Nigerian crude oil in the fourth quarter of 2024, importing N1.75 trillion worth of crude. The European nation maintained its position as one of Nigeria’s largest customers.
Indonesia – N1.36 trillion
Indonesia followed closely, purchasing N1.36 trillion worth of Nigerian crude oil in Q4, reinforcing its role as a major buyer of the commodity.
Canada – N1.35 trillion
Canada secured the third spot, importing N1.35 trillion worth of Nigerian crude oil in the last quarter of 2024.
Spain – N1.24 trillion
Spain, another key buyer, imported N1.24 trillion worth of Nigerian crude oil in 2024.
Netherlands – N1.23 trillion
The Netherlands, which had led in the previous quarter, recorded N1.23 trillion in crude oil imports from Nigeria in Q4 2024, making it one of the top European buyers.
United States – N821 billion
The United States imported N821 billion worth of Nigerian crude oil in Q4.
Italy – N794 billion
Italy purchased N794 billion worth of Nigerian crude oil in the same period, further contributing to Nigeria’s oil export revenue.
South Africa – N717 billion
South Africa followed, with crude oil imports from Nigeria reaching N717 billion in Q4.
China – N261 billion
China, being a major global oil consumer, imported N261 billion worth of Nigerian crude oil in Q4, although significantly lower than its European and North American counterparts.
FG dismisses report on suspension of naira to crude oil deal
Legit.ng previously reported that Heineken Lokpobiri, the minister of petroleum resources (oil), has clarified that the government has not terminated the naira for crude oil arrangement.
The deal involves the Nigerian National Petroleum Company Limited (NNPCL) supplying crude oil to domestic refineries, including the Dangote Refinery, with payments made in naira.
Speaking to journalists on Tuesday, March 11, Lokpobiri noted that the deal has not been called off by the government.
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Source: Legit.ng
