Business
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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
German Police bust alleged Nigerian scam dating ring
German authorities have arrested eleven individuals suspected of being members of a Nigerian mafia group involved in a large-scale dating...
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...