Nigeria makes N21trn as crude oil sales rise by 46.1%

Nigeria’s crude oil sales have increased by 46.41 percent to N21.09 trillion total sales in 2022 against N14.41 trillion in 2021.

This is according to the  National Bureau of Statistics Fourth Quarter 2022 data released today, Friday, March 10, 2023.

A breakdown from NBS showed that the country sold N5.6 trillion worth of crude oil in the first quarter, and N5.9 trillion in the second quarter.

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Nigeria’s crude oil export suffered a steady decline due to the country’s struggle with rising oil theft, resulting in sales of N4.6 trillion in the third quarter of 2022 and N4.91 trillion in the fourth quarter.

In the fourth quarter of 2022 (October to December), the NBS provided information on the countries purchasing Nigeria’s crude oil.

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The Netherlands paid N517.65 billion, while Indonesia purchased N462.67 billion of crude oil.

France paid N441.73 billion, and the United States was another customer, paying N429.78 billion.

India paid N420.87 billion, Spain bought N383.39 billion, and Ivory Coast paid N269.17 billion for the oil.

Brazil and South Africa were also among the countries that bought Nigeria’s crude oil in the fourth quarter, spending N214.92 billion and N240.05 billion, respectively.

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