Nigeria earns ₦5.62trn from exportation of crude oil, LNG in Q4, 2022 – Report

Oredola Adeola

Nigeria earned a total of ₦5.62 trillion as revenue in the fourth quarter of 2022 (Q4,2022) from crude oil and natural gas exportation, translating to ₦4,911.92 billion (crude oil) and ₦704.88 billion (Liquified Natural Gas (LNG), and also representing 88.32 percent of ₦6,359.61 billion of total export revenue earned by the country in the period under review.

This was revealed in the Foreign Trade report released by the National Bureau of Statistics (NBS) for the fourth quarter of 2022, obtained by EnergyDay on Thursday.

An analysis of the figure showed that the ₦4,911.92 billion earned on crude oil exportation translated to 77.24%, while the ₦704.88 billion earned from LNG exportation accounted for 11.08% out of the total exports value of ₦6,359.61 billion earned by the country in Q4,2022.

The report also disclosed that Nigeria’s crude oil export revenue rose by 46.41 per cent to N21.09tn in 2022 to push Nigeria’s total export to N26.79tn in 2022. This is up from N14.41trn recorded in the whole of 2021.

According to the NBS’s report, Nigeria in the fourth quarter of 2022, recorded a total trade of N11,722.44 billion, as total exports stood at N6,359.61 billion and total imports amounted to ₦5,362.83 billion.

On an annual basis, total trade was ₦52,387.30 billion, translating to total imports of ₦25,590.55 billion, and total exports of N26,796.75 billion.

Total exports increased in the fourth quarter by 7.17% and 10.28% when compared to the amount recorded in the third quarter of 2022 (₦5,934.15 billion) and the corresponding quarter in 2021 (₦5,766.62 billion) respectively.

The report showed that the ₦6,359.61 billions of total exports in Q4, 2022 indicated an increase of 7.17% when compared to the value of exports in Q3, 2022 (₦5,934.15 billion) and also increased by 10.28% in the fourth quarter of 2021(₦5,766.62 billion)

Meanwhile, the ₦4,911.92 billion which is the value of crude oil exported in Q4, 2022, indicated an increase of 5.44% compared to the value recorded in Q3, 2022 (₦4,658.30 billion); and also rose by 15.05% compared to the same period in 2021 (₦4,269.36 billion).

EnergyDay further showed that Nigeria produced a total of 31,434,000 barrels of crude oil in October, 35,580,000 barrels in November, and 38,285,000 barrels in December 2022, translating to a total of 105,299,000 barrels in Q4,2022.

Nigeria’s export earnings from other oil products in Q4, 2022 was ₦715.45 billion, indicating a decline of 14.56% compared to the value recorded in Q3, 2022 (₦837.33 billion), but rose by 4.24% when compared to the value in the fourth quarter of 2021 (₦686.38 billion).

Crude oil and LNG were the two commodities with the largest export values majorly exported to Spain, Netherlands, India, France, and Indonesia constituting Nigeria’s top five export destinations in the fourth quarter of 2022.

The five countries Spain, Netherlands, India, France, and Indonesia, accounted for 9.70%, 9.03%, 7.71%, 7.70% and 7.44% respectively of total export destinations, translating to 41.59% of the total value of exports.

Exports trade by region in Q4, 2022 shows that Nigeria exported most products to Europe with goods valued at ₦2,796.41billion or 43.97% of total exports, followed by exports to Asia valued at ₦1,429.02billion (22.47% of total exports), exports to America was valued at ₦1,150.20 billion, (18.09% of total exports) while export to other African countries stood at ₦942.13 billion or 14.81% of total exports of which ₦553.79 billion worth of goods were exported to ECOWAS countries.

Nigeria’s exports trading partners revealed that Spain was Nigeria’s top export destination during the quarter under review with the highest volume of export trade valued at ₦617.17 billion representing 9.70% of total exports.

This was followed by the Netherlands, India, France, and Indonesia with goods valued at ₦574.55 billion or 9.03%, ₦490.45billion or 7.71%, ₦489.82 billion or 7.70%, and ₦473.27 billion or 7.44% of export trade, respectively. These five countries collectively accounted for 41.59% of the value of total exports in Q4, 2022.

Exports by section revealed that Nigeria exported mainly crude oil and gas including other mineral products’ which amounted to ₦5,667.22 billion, or 89.11% of the total export value.

This was followed by ‘Vehicles, aircraft, and parts thereof; vessels, etc.’, which were valued at ₦199.29 billion (or 3.13% of the value of total exports), and ‘Products of the chemical and allied industries’ worth ₦169.27 billion (2.66% of the value of total exports).