Top 10 Countries Buying Nigerian Crude Oil as Production Rises
- New data from NUPRC has revealed that Nigeria's oil production increased in the first three months of 2025
- Despite current challenges in global prices, several countries continue to patronise Nigerian crude oil
- The list of top buyers in 2024 includes 10 countries, led by the Netherlands, France, and Indonesia
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 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that Nigeria’s crude oil production rose by 8.13% in the first quarter of 2025 compared to the same period in 2024.
The data showed that the country produced a total of 5,013,209 barrels of crude oil and condensates in the first three months of 2025, up from 4,621,409 barrels in the corresponding period last year.
Source: Getty Images
Analysis of NUPRC data shows that Nigeria produced 391,800 more barrels of crude oil in Q1, 2025, compared to the same period in 2024.
The growth came despite a five-month production low in March, caused by renewed unrest in Rivers State, a key oil-producing region, that spilt into Bayelsa State.
ThisDay reports that the political tension led to multiple pipeline attacks and the temporary shutdown of key infrastructure in both states.
Nigeria crude oil production data
A breakdown of oil and condensate production for the first three months of 2024 showed that output stood at approximately 1.64 million barrels in January, 1.54 million in February, and 1.44 million in March, totalling 4.62 million.
In the same period of 2025, production rose to about 1.74 million barrels in January, 1.67 million in February, and 1.60 million in March, reaching a total of 5.01 million in Q1.
The difference represents an 8% growth in 2025 compared to the same period last year.
Source: Getty Images
Countries buying Nigerian crude oil
Meanwhile, export receipts captured in the National Bureau of Statistics' trade data show that Nigeria sold N55.28 trillion worth of crude oil in 2024.
The crude oil was sold to major economies in Europe, Asia, and North America.
For the last quarter of 2024, France topped the list with purchases valued at N1.75 trillion, followed by Indonesia at N1.36 trillion and Canada at N1.35 trillion.
Here is the list of Nigeria’s top 10 crude oil buyers in Q4, 2024 by value:
- France: N1.75 trillion
- Indonesia: N1.36 trillion
- Canada: N1.35 trillion
- Spain: N1.24 trillion
- Netherlands: N1.23 trillion
- India: N981.70 billion
- United States: N820.72 billion
- Italy: N793.89 billion
- South Africa: N717.46 billion
- China: N260.76 billion
Filling stations announce new fuel prices cheaper than NNPC's
Ealier, Legit.ng reported that following the Dangote Petroleum Refinery's decision to slash ex-depot petrol prices to N867, several filling stations have adjusted their pump prices, signalling a potential relief for motorists.
Checks by Legit.ng show that petrol, which was priced between N930 and N950 in Lagos, is now being sold between N920 and N945 as of Monday, April 14.
Although NNPC Limited had yet to make adjustments as of the time of reporting, oil marketers such as Ardova, Mobil, Petrocam, Hyden, and Matrix have also announced reductions in pump prices.
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Source: Legit.ng
