Nigeria’s oil exports jumped by 37.5% to N29trn in 2023

Adebayo Obajemu

Nigeria earned N29 trillion from crude oil export in 2023, jumping by 37.45 per cent from N21.1 trillion recorded from the export of the commodity in 2022, according to data released by the National Bureau of Statistics (NBS).

The NBS, in its Foreign Trade Statistics for the fourth quarter of 2023, stated that crude oil export accounted for 80.64 per cent of total exports and 40.35 per cent of total trade recorded in the country in the year under review.

The statistics agency noted that total export stood at N35.96 trillion in 2023, rising by 34.2 per cent, compared with N26.79 trillion; while total trade appreciated by 31.79 per cent, from N52.387 trillion in 2022 to N71.88 trillion in 2023.

Giving a breakdown of crude oil export on a quarter-by-quarter basis, the NBS stated that in the first and second quarter of 2023, the country exported crude oil valued at N5.149 trillion and N5.006 trillion, respectively; while in the third and fourth quarter of 2023, crude oil export stood at N8.536 trillion and N10.311 trillion.

In comparison, in 2022, crude oil valued at N5.621 trillion, N5.908 trillion, N4.658 trillion and N4.912 trillion were exported in the first, second, third and fourth quarter, respectively, according to the NBS.

In addition, giving a breakdown of the country’s crude oil export on a monthly basis, the NBS reported that crude oil valued at N1.798 trillion, N1.521 trillion, N1.829 trillion, N1.391 trillion, N1.466 trillion, N2.149 trillion were exported in January, February, March, April, May and June 2023, respectively, while in July, August, September, October, November and December 2023, the country exported crude oil valued at N2.452 trillion, N2.827 trillion, N3.257 trillion, N3.561 trillion, N3.345 trillion and N3.405 trillion, respectively.

The NBS further stated that the biggest buyers of Nigeria’s crude oil in the fourth quarter of 2023 are the Netherlands, India, Canada and Spain, purchasing N1.756 trillion, N990.531 billion, N902.079 billion and N814.439 billion, respectively, of Nigeria’s crude oil.

In addition, Nigeria’s crude oil export to France, United States, Indonesia, South Africa, Italy and China stood at N699.005 billion, N609.065 billion, N580.089 billion, N531.241 billion, N522.077 billion and N65.679 billion, respectively, in the fourth quarter of 2023.

In general, the NBS said: “In the fourth quarter of 2023, Nigeria’s total trade stood at N26.802 trillion. Exports were valued at N12.694 trillion while imports amounted to N14.108 trillion. On an annual basis, total trade was N71.880 trillion, of which imports amounted to N35.918 trillion, and exports were recorded at N35.962 trillion.