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Nigeria makes N21trn from crude oil sales



The National Bureau of Statistics (NBS) has revealed that Nigeria made N21 trillion from the sale of crude oil in 2022.

The oil sales recorded is a 46.41 percent increase when compared to N14.41 trillion in 2021.

NBS captured the sales in its fourth quarter foreign trade report.

The crude oil export accounted for 78.74 percent of Nigeria’s N26.79 trillion total export in 2022.

A breakdown from NBS showed that the country sold N5.6 trillion worth of crude oil in the first quarter, and N5.9 trillion in the second quarter.

Nigeria’s crude oil export suffered a steady decline due to the country’s struggle with rising oil theft, resulting in sales of N4.6 trillion in the third quarter of 2022 and N4.91 trillion in the fourth quarter.

Read also:Scores feared dead in Rivers crude oil explosion

Countries buying Nigeria’s crude

In the fourth quarter of 2022 (October to December), the NBS provided information on the countries purchasing Nigeria’s crude oil.

The Netherlands paid N517.65 billion, while Indonesia purchased N462.67 billion of crude oil.

France paid N441.73 billion, and the United States was another customer, paying N429.78 billion.

India paid N420.87 billion, Spain bought N383.39 billion, and Ivory Coast paid N269.17 billion for the oil.

Brazil and South Africa were also among the countries that bought Nigeria’s crude oil in the fourth quarter, spending N214.92 billion and N240.05 billion, respectively.

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