Nigeria Government Sold N14.4trn Worth of Crude Oil in 2021: Here are the Top Countries Buying Nigeria's Crude

Nigeria Government Sold N14.4trn Worth of Crude Oil in 2021: Here are the Top Countries Buying Nigeria's Crude

  • The Federal government crude oil export revenue improved in 2021 as it hit N14 trillion compared to N9.44 trillion sold the previous year
  • Crude oil is Nigeria's major export and represents a major source of the federal government of Nigeria earning dollars
  • India remains the biggest customer of Nigerian crude and spent over a trillion to buy Nigerian oil for its refineries

The National Bureau of Statistics has revealed that Nigeria in 2021 made over N14.4 trillion selling crude to different countries around the world.

NBS disclosed this in its latest Foreign trade statistics report published on its website on Tuesday, 15 March 2021.

According to the analysis of the report, crude oil sales accounted for 76.22 of the total exports made during the year under review.

Nigeria crude oil sales hit N14.4trn in 2021: Here are the top countries buying Nigeria's crude
A crude vessel on sea Credit: Puneet Vikram Singh, Nature and Concept photographer
Source: Getty Images

Top five countries in full year

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According to the report, India topped the list of the top five nations that purchased Nigerian crude, spending more than N1.98 trillion.

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This was followed by Spain's N1.44 trillion, Netherland coming in third position with N863.3 billion purchased.

Canada and the United States of America round out the top five, having spent N422.7 billion and N400 billion, respectively, on Nigerian crude oil.

Top 10 countries in the last four months of 2021

NBS report also listed how much countries paid in the last three months of 2021( October to December) for Nigeria's crude oil.

The breakdown given thus:

  • India - N774.5bn
  • Spain -N624.01bn
  • France- N473.84bn
  • Netherlands- N383.58bn
  • Indonesia- N280.05 billion
  • South Africa- N251bn
  • China- N92.73 billion
  • United States- N171.08 billion
  • Canada- N216.13 billion

Remittances to FG continues to decline

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Meanwhile, reported that as the Nigerian government thinks of removing petrol subsidy next year, the country’s National Petroleum Company (NNPC) has continued to remit less amount of money to the federation account.

The NNPC remitted the sum of N10.54 billion to the Federation Account Allocation Committee (FAAC) in November 2021 from the proceeds of sales of crude oil and gas in October.

It gave this account during a presentation to FAAC for the month of December 2021, a report by Nairametrics says.


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