Nigeria earned N16.187 trillion from crude oil


National Bureau of Statistics (NBS).

has revealed that Nigeria earned N16.187 trillion from crude oil sales between January and September 2022, according to its Foreign Trade Statistics for the third quarter of 2022.

The NBS disclosed that third-quarter 2022 crude oil export was 59.62 per cent higher than the N10.14 trillion earned from the export of the commodity in the same period in 2021.

The NBS data revealed that the third quarter 2022 crude oil export was also higher compared with the N11.497 trillion, N11.061 trillion and N6.924 trillion crude export earnings recorded in the same quarter of 2018, 2019 and 2020, respectively.

For the 12-month period of 2018, 2019, 2020 and 2021, the NBS disclosed that crude oil exports fetched the country N15.156 trillion, N14.69 trillion, N9.444 trillion and N14.411 trillion respectively.

Giving a breakdown of crude oil export in the three quarters of 2022, the NBS reported that in the first quarter of 2022, crude oil valued at N5.621 trillion was exported; while in the second and third quarters of N5.908 trillion and N4.658 trillion, were earned from crude oil export, respectively.

The statistical agency noted that crude oil remained Nigeria’s largest export, as it accounted for 78.51 per cent of total export recorded in the third quarter of 2022, with N4.658 trillion.

In particular, the country earned N1.718 trillion, N1.536 trillion and N1.404 trillion, respectively, from crude oil exports in July, August and September 2022.

The NBS reported that Spain displaced India to emerge the highest buyer of Nigeria’s crude oil in the third quarter of 2022, with the purchase of N580.264 billion of the commodity from Nigeria; while India followed with N559.349 billion purchase of the commodity from Nigeria.

In addition, it stated that Nigeria exported N413.831 billion worth of crude oil to France, while N406.045 billion, N396.511 billion, N292.832 billion and N283.709 billion worth of crude oil was exported, respectively, to Indonesia, Netherlands, United States and South Africa.

Furthermore, the NBS disclosed that Nigeria exported crude oil valued at N247.736 billion, N192.616 billion and N141.741 to Ivory Coast, Italy and Portugal, correspondingly in the same period.

According to the NBS, apart from crude oil, the country earned N837.333 billion from ‘other petroleum oil products’ in the third quarter, with N325.921 billion, N254.396 billion and N257.016 billion recorded in July, August and September 2022.

In general, the NBS stated that: “In the third quarter of 2022, Nigeria’s total trade stood at N11.598 trillion, this was lower than the value recorded in the second quarter of 2022 (N12.842 trillion) but was higher than the value recorded in the corresponding period of 2021 which stood at N10.472 trillion. Total exports stood at N5.933 trillion of which re-exports were N25.04 billion, while total imports stood at N5.664 trillion.


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