Lagos — Four countries – India, Spain, the Netherlands, and South Africa – emerged the highest buyers of Nigeria’s crude oil, with the purchase of N1.77 trillion worth of the commodity in three months, from January to March 2019.
Data obtained from the National Bureau of Statistics (NBS) revealed that India emerged the highest buyer of Nigeria’s crude oil in the three-month period, with N684.008 billion; Spain purchased N395.669 billion worth of Nigeria’s crude oil, while the Netherlands and South Africa purchased N366.338 billion and N325.04 trillion crude oil respectively.
In the previous quarter, the NBS noted that India, Spain, the Netherlands, France, and South Africa, the highest buyers of Nigeria’s crude oil, spending N730.299 billion, N471.625 billion, N432.152 billion and N339.73 billion respectively.
Furthermore, the NBS disclosed that Nigeria exported crude oil valued at N2.415 trillion to nine countries, including India, Spain, the Netherlands, and South Africa, in the first three months of 2019.
The other five countries are France, Italy, Turkey, Ghana, and Sweden, which purchased Nigeria’s crude oil valued at N229.233 billion, N175.585 billion, N76.473 billion, N728.38 million and N151.038 billion respectively.
The NBS explained that in the first quarter of 2019, Nigeria exported most products to Europe, Asia, and Africa.
Export to the three countries, according to the NBS represented an equivalent of N1.833 trillion or 40.43 percent of total exports, N1.324 trillion or 29.2 percent and N936.8 billion or 20.67 percent respectively.
Furthermore, the NBS averred that Nigeria exported goods worth N405.8 billion or 8.95 percent to the Americas and N34.5 billion or 0.76 percent to Oceania.
Within Africa, the NBS explained that Nigeria exported goods valued at N300.6 billion to ECOWAS member states, representing 32.08 percent of total merchandise exports to Africa, adding that by country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa, and France, valued at N745 billion or 16.43 percent, N487.1 billion or 10.74 percent, N405.4billion or 8.9 percent, N325.5 billion or 7.2 percent and N302.3 billion or 6.7 percent respectively.
With the discovery of shale oil, the United States had discontinued its purchase of Nigeria’s crude oil, causing a significant decline in Nigeria’s crude oil export. Prior to the stoppage, the US was Nigeria’s highest crude oil destination.
After the US stopped purchasing Nigeria’s crude oil, India emerged the highest buyer and had remained the leader in that regard over the last couple of years.