Dublin, Ireland — Nigeria exported crude oil valued at N10.03 trillion in nine months, from January to September 2021, appreciating by 44.94 per cent compared with crude oil export of N6.923 trillion recorded in the same period in 2020, according to the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the Third Quarter of 2021, also noted that Nigeria’s crude oil export in the nine-month period of 2021 was 6.19 per cent higher than the N9.445 trillion earned from the export of the commodity in the whole of 2020.
Giving a breakdown of crude oil export in the nine-month period of 2021, the NBS noted that in the first quarter, crude oil export stood at N1.93 trillion, while in the second and third quarters of 2021, N4.078 trillion and N4.026 trillion worth of crude oil, respectively, was exported.
In comparison, the NBS stated that in the first, second and third quarter of 2020, crude oil valued at N2.945 trillion, N1.55 trillion and N2.42 trillion, respectively, was exported.
India was Nigeria’s highest crude oil buyer, with Nigeria exporting crude oil valued at N703.262 billion to the Asian country in the third quarter of 2021.
Spain, Italy, France followed with the purchase of N544.6 billion, N442.12 billion and N233.745 billion, respectively of Nigeria’s crude oil; while Nigeria’s export to the Netherlands, United States and Indonesia stood at N226.8 billion, N199.55 billion, and N197.6 billion.
Others in the top-ten category are Canada, Ivory Coast and Portugal, importing N202.03 billion, N182.79 billion and N117.89 billion, respectively, of the country’s crude oil in the third quarter of 2021.
Furthermore, the NBS disclosed that at N4.026 trillion, crude oil remained Nigeria’s biggest export in the third quarter of 2021, accounting for 78.48 per cent of Nigeria’s total export of N13.117 trillion.
Liquefied Natural Gas followed, as the country exported N487.49 billion of the commodity, representing 9.5 per cent of the country’s total export.
The statistics agency added that the export of floating or submersible drilling or production platforms stood at N163.697 billion, representing 3.19 per cent of Nigeria’s total export; while Urea export accounted for 2.09 per cent of Nigeria export, with N107.17 billion.
Other top export commodities are petroleum gases, N 40.474 billion, representing 0.79 per cent of Nigeria’s total export, liquefied propane, N13.63 billion, accounting for 0.27 of total exports and other Light vessels, fire-floats, floating cranes, accounting for 0.17 per cent of total export, with N8.903 billion.