Michael Eboh
Dublin, Ireland — Nigeria’s crude oil exports between January and September 2024 appreciated by 122.06 per cent to N41.5 trillion, compared with N18.69 trillion recorded in the same nine-month period of 2023, according to latest data released by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the Third Quarter of 2024, disclosed that crude oil exports in the nine-month period of 2024 accounted for 72.6 per cent of total exports and 41.76 per cent of total trade recorded in the period under review.
Giving a breakdown of the commodity export on a quarterly basis, the NBS noted that in the first quarter of 2024, the country recorded crude oil exports of N15.49 trillion, rising by 200.97 per cent, compared with N5.15 trillion in the same period in 2023; while in the second and third quarter of 2024, crude oil exports grew by 151.9 per cent and 57.03 per cent to N12.61 trillion and N13.41 trillion respectively, from N5.006 trillion and N8.534 trillion in the corresponding periods in 2023.
Further breakdown on a monthly basis showed that in January, February, March, April and May 2024, the country recorded crude oil exports of N5.2 trillion, N5.48 trillion, N4.8 trillion, N3.97 trillion and N4.41 trillion, respectively; while crude oil valued at N4.23 trillion, N4.39 trillion, N5.11 trillion and N3.91 trillion were exported in June, July, August and September 2024, respectively.
In comparison, in January, February, March, April, May and June 2023, crude oil exports of N1.8 trillion, N1.52 trillion, N1.83 trillion, N1.39 trillion, N1.47 trillion and N2.15 trillion were recorded respectively, while in July, August and September 2023, N2.45 trillion, N2.83 trillion and N3.26 trillion, respectively, was recorded from crude oil exports.
Furthermore, the NBS noted that in the third quarter of 2024, majority of Nigeria’s crude oil was exported to Europe, with countries in the continent purchasing N3.01 trillion of the commodities from Nigeria; followed by the Americas, with N646.446 billion, while Africa and Asia purchased N465.61 billion and N275.54 billion, respectively.
In particular, the NBS noted that in the third quarter of 2024, the United States purchased majority of Nigeria’s crude oil, with N1.494 trillion worth of the commodity shipped there; followed by France with N1.442 trillion; Italy – N1.368 trillion and Spain, which bought N1.153 trillion crude oil from Nigeria.
Other top destinations for Nigeria’s crude oil in the third quarter of 2024, according to the NBS, include: the Netherlands – N1.012 trillion, Canada – N976.244 billion and India – N131.904 billion.
In its analysis of third-quarter trade in 2024, the NBS said: “In the quarter under review, exports accounted for 58.27 per cent of total trade with a value of N20.486 trillion, showing an increase of 98 per cent over the value recorded in the third quarter of 2023 (N10.347 trillion) and 16.76 per cent compared to the value recorded in second quarter 2024 (N17.546 trillion).
“Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024, crude oil export was valued at N13.406 trillion representing 65.44 per cent of total exports while the value of non-crude oil exports stood at N7.08 trillion accounting for 34.56 per cent of total exports; of which non-oil products contributed N2.502 trillion or 12.21 per cent of total exports.”
