Fakoyejo Olalekan
In the third quarter of 2022, Spain was the biggest buyer of Nigerian crude oil, with India, France, Netherlands, Indonesia and the United States completing the top five.
According to the foreign trade report obtained from the National Bureau of Statistics (NBS), the other countries in the top 10 list are South Africa, Ivory Coast, Portugal and Italy.
Join our WhatsApp ChannelBetween July and August, tt was gathered that Spain purchased N580.2 billion worth of crude oil from Nigeria, India bought crude oil valued at N559 billion.
Also, Nigeria sold N413.83 billion crude to France, Netherlands purchased N396.51 billion, Indonesia imported N406 billion oil from the African country, and United States bought N292.83 billion crude.
The National Bureau of Statistics (NBS) revealed South Africa paid N283.70 billion, N247.73 billion was made from Ivory Coast, Portugal bought Nigerian crude worth N141.74 billion and Italy purchased N192.61 billion worth of crude oil.
Nigeria’s crude oil revenue on a downward path
Meanwhile, between January and September 2022, the National Bureau of Statistics disclosed that the Nigerian National Petroleum Company (NNPC) Limited earned N16 trillion from crude oil sales.
A breakdown of the quarter earnings for this year showed the NNPC generated N5.6 trillion in the first quarter, with earnings rising in the second quarter to N5.9 trillion, but it fell to N4.6 trillion in the third quarter.
It was gathered that in the third quarter of 2021, the value of crude oil exports was N4 trillion, but it increased by 16 per cent in the same period this year.
Prime Business Africa learnt that the drop in revenue was caused by decline in production. Note that the Chief Upstream Investment Officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, had stated that production is now rising.
Wunti had stated that crude oil recorded had dropped to one million in August, but it has increased to 1.59 million barrels per day as of December 6, 2022.
