Dublin, Ireland — Nigeria exported crude oil valued at N14.41 trillion in 2021, rising by 52.65 per cent from N9.445 trillion crude oil export earnings recorded in 2020, according to data released by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2021, disclosed that crude oil export accounted for 36.25 per cent and 76.21 per cent, respectively, of Nigeria’s total trade of N39.75 trillion and total export of N18.908 trillion in 2021.
In comparison, the NBS reported that in 2020, crude oil exports accounted for 37.44 per cent of total trade and 75.42 per cent of total exports.
Giving a breakdown of the country’s crude oil exports on a quarterly basis, the NBS disclosed that in the first quarter of 2021, crude oil valued at N2.043 trillion was exported; while in the second, third and fourth quarter of the year under review, crude oil valued at N4.072 trillion, N4.026 trillion and N4.269 trillion, respectively, were exported.
In comparison, in 2020, crude oil valued at N2.94 trillion; N1.55 trillion; N2.42 trillion and N2.52 trillion were exported in the first, second, third and fourth quarter, respectively.
The statistics agency further reported that in the fourth quarter of 2021, India emerged the highest buyer of Nigeria’s crude oil, with the export of the commodity valued at N774.526 billion to firms in the country.
Spain followed, with the purchase of Nigeria’s crude oil valued at N624.015 billion; while France bought crude oil valued at N473.85 billion from Nigeria in the fourth quarter.
Other top buyers of Nigeria’s crude oil in the fourth quarter are Netherlands, N383.59 billion; Indonesia, N280.05 billion; South Africa, N251.01 billion; Canada, N216.14 billion; United States, N171.09 billion; and China, N92.73 billion.
In its analysis of crude oil trading in the fourth quarter, the NBS said: “The value of crude oil exports in fourth quarter 2021 increased by 6.04 per cent compared to the value recorded in third quarter 2021, and it also rose by 69.33 per cent compared to the value in the same period in 2020.
“In 2021, the value of crude oil exports was 52.58 per cent higher than the value recorded in 2020.
“The export value of other oil products increased by 23.04 per cent in fourth quarter 2021 compared to its value in third quarter 2021. The value also grew by 58.93 per cent compared to the same period of 2020. On annual analysis, the value of other oil products exports was 43.25 per cent higher than its value in 2020.
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