Michael Eboh
Dublin, Ireland — Nigeria earned N30.046 trillion from crude oil export in the first six months of 2024, rising by 195.87 per cent from N10.155 trillion recorded from similar activity in the same six-month period in 2023, according to latest data released by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the Second Quarter of 2024, reported that the amount earned from crude oil export between January and June 2024 was 3.61 per cent higher than the N29 trillion recorded from crude oil exports in the entire 12 months of 2023.
Giving a breakdown of the value of crude exported in the six-month period, the NBS stated that the country earned N15.487 trillion from the export of the commodity in the first half of 2024, while N14.559 trillion was earned in the second quarter of the year.
In comparison, in the first quarter of 2023, N5.149 trillion was earned from crude oil export, while N5.006 trillion was earned from the same activity in the second quarter of 2023.
The statistics agency noted that crude oil exports for the six-month period of 2024 accounted for 77.87 per cent of the country’s total export of N38.586 trillion, and 46.20 per cent of total trade.
In its analysis of second quarter foreign trade, the NBS disclosed that total exports were valued at N19.419 trillion, rising by 1.31 per cent compared to N19.167 trillion in the first quarter of 2024, and a 201.76 per cent rise compared to N6.435 trillion in the second quarter of 2023.
In addition, the NBS identified the country’s top trading export partners in the second quarter of 2024 as Spain, the United States of America, France, India, and The Netherlands, noting that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.
It added that crude oil exports in the period under review were valued at N14.559 trillion, a decrease of 5.99 per cent from N15.487 trillion in the first quarter of 2024 and increased by 190.86 per cent from N5.006 trillion in the second quarter of 2023.
It noted that other oil product exports in the second quarter of 2024 stood at N2.915 trillion, showing an increase of 53.28 per cent from N1.902 trillion in first quarter 2024 and a 293.54 rise from N740.74 billion in the second quarter of 2023.
Specifically, the NBS disclosed that Spain was the highest buyer of Nigeria’s crude oil in the second quarter of 2024, with the commodity valued at N1.626 trillion exported to the country; followed by the United States, with the purchase of N1.622 trillion crude oil from Nigeria; while France purchased Nigerian crude oil valued at N1.429 trillion.
Other major crude oil export destinations, according to the NBS report include Ivory Coast, Canada, Italy and India, purchasing N1.34 trillion, N1.159 trillion, N1.159 trillion and N1.112 trillion respectively.
