Dublin, Ireland — Nigeria exported crude oil valued at N21.099 trillion in 2022, up by 46.41 per cent from N14.411 trillion crude oil exported in 2021, data obtained from the National Bureau of Statistics (NBS) has shown.
The NBS, in its Foreign Trade in Goods Statistics for the Fourth Quarter of 2022, revealed that crude oil exports accounted for 78.74 per cent of total exports in 2022, compared with 76.22 per cent of total exports in 2021; while it accounted for 51.15 per cent of total exports in 2022, as against 47.58 per cent of total trade in 2021.
Giving a breakdown of crude oil export in 2022, the NBS reported that in the first and second quarter of 2022, Nigeria earned N5.62 trillion and N5.908 trillion, respectively, from crude oil export, while N4.658 trillion and N4.912 trillion worth of crude oil were exported in the third and fourth quarter of 2022 respectively.
In comparison, in the first and second quarter of 2021, Nigeria exported N2.043 trillion and N4.072 trillion crude oil, while it earned N4.026 trillion and N4.269 trillion, respectively, in the third and fourth quarter of 2021.
The NBS stated that total export for 2022 stood at N26.797 trillion, accounting for 51.15 per cent of total trade of N52.387 trillion recorded in the year under review.
In its analysis of trade statistics for the fourth quarter of 2022, the NBS said: “The value of crude oil exports in the fourth quarter of 2022 stood at N4.912 trillion indicating an increase of 5.44 per cent compared to the value recorded in third quarter 2022 (N4.658 trillion); and also rose by 15.05 per cent compared to the same period in 2021 (N4.269 trillion).
“The value of other oil products exports in fourth quarter 2022 was N715.45 billion, this showed a decline of 14.56 per cent compared to the value recorded in third quarter 2022 (N837.33 billion), but rose by 4.24 per cent when compared to the value in the fourth quarter of 2021 (N686.38 billion).”
The statistical agency listed The Netherlands as the highest buyer of Nigeria’s crude oil in the fourth quarter of 2022, with the purchase of N517.654 billion worth of Nigeria’s crude oil; followed by Indonesia with the purchase of crude oil valued at N462.679 billion and France, purchasing N441.732 billion worth of the commodity from Nigeria.
Others are the United States – N429.78 billion; India – N420.876 billion; Spain – N383.392 billion; Ivory Coast – N269.171 billion; Brazil – N240.059 billion and South Africa – N214.922 billion.
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