Nigeria Records ₦‎16 Trillion Worth Of Crude Oil In 9 Months

Brand Spur Nigeria reports that Nigeria has recorded N16 trillion from crude oil sales between January and September 2022.

The oil sales recorded by the Nigerian National Petroleum Company (NNPC) Limited is captured in the foreign trade report released by the National Bureau of Statistics (NBS).

Despite the huge oil sales, Godwin Emefiele, governor of CBN, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily from above $3 billion monthly in 2014 to $0 today.

According to data gathered, NBS Nigeria earned N5.6 trillion in the first quarter, N5.9 trillion in the second quarter and N4.6 trillion in the third quarter of 2022.

NBS data show that the value of crude oil exports in Q3 rose by 16 per cent compared to N4 trillion recorded in the corresponding period last year.

On a quarter-to-quarter analysis, it reduced by 21 per cent from N5.9 trillion in Q2 2022.

The third quarter of this year recorded the least sales from crude oil. This can be attributed to the low oil production during this period.

The third quarter of this year recorded the least sales from crude oil. This can be attributed to the low oil production during this period.

A further breakdown from the report revealed that Spain was Nigeria’s biggest crude oil customer for the third quarter of 2022.

Spain bought N580.2 billion of crude oil, and India paid N559 billion from July to August 2022.

Other top customers were France (N413.83bn), Netherlands N396.51bn Indonesia paid N406bn, while United States N292.83bn. South Africa N283.70 billion, Ivory Coast N247.73 billion, Portugal N141.74 billion and Italy N192.61 billion completed the top 10 markets for Nigeria’s crude oil.

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