Nigeria Makes Over N29trn From Crude Oil Sales in 2023, India, US Among 10 Biggest Customers

• A new report from NBS revealed the list of countries buying Nigeria's crude oil as over N29 trillion was sold in 2023
• Crude oil is Nigeria's main export and a vital source of revenue for the federal government of Nigeria
• The United States, the Netherlands, and India were among the biggest customers of Nigerian crude

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS) has revealed that Nigeria sold N29 trillion worth of crude oil in 2023.

The sales recorded is a 37.44% increase compared to N21.09 trillion crude oil sales recorded in 2022.

NBS captured the sales in the 2023 fourth quarter foreign trade report obtained by Legit.ng from its website.

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Snapshot of Nigeria's crude oil sales

A breakdown showed that N1.60 trillion worth of crude oil was sold between January and May 2023 before Muhammadu Buhari handed over to President Bola Ahmed Tinubu.

Upon assumption of office, Tinubu promised to boost crude oil revenue by tackling theft around oil-producing regions.

This worked, as in the next seven months ending December 2023, crude oil sales increased to N20.9 trillion.

The bumper oil revenue within this period is also thanks to the rise in crude oil prices in the international market.

Here's a monthly breakdown of crude oil sale

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Countries buying Nigerian crude

The NBS also provided a detailed breakdown of countries buying Nigerian crude, and the top 10 customers in the fourth quarter of 2023 are as follows:

• Netherlands: N1.91 trn
• India: N1.10 trn
• Spain: N1.03 trn
• Canada: N907.64 bn
• France: N799.77 bn
• United States: N729.60 bn
• Indonesia: N587.98 bn
• Italy: N549.83 bn
• South Africa: N543.71 bn
• China: N408.99 bn

Shell addresses rumoured plans to leave Nigeria

Earlier, Legit.ng reported that Shell Petroleum Development Company of Nigeria reacted to its rumoured plan to leave Nigeria after selling its onshore business.

Shell announced it had reached an agreement with Renaissance Africa Energy to take over its oil business in Niger Delta.

The announcement triggered reactions on various social media platforms, with many Nigerians expressing the opinion that Shell was leaving the country after active service since 1937.

Source: Legit.ng