- A new report has revealed the list of countries buying crude oil from the federal government of Nigeria
- Crude oil is Nigeria's main export and a vital source of revenue for the federal government of Nigeria.
- 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 (NBS) has revealed that Nigeria earned N11.53 trillion from the export of crude oil in the first half of 2022.
This represents an 88.6 per cent jump when compared with N6.11 trillion recorded in the first half of 2021.
NBS stated this in its Foreign Trade Statistics for the Second Quarter of 2022, released on its website.
Breakdown of the sales
Giving a breakdown of crude oil exports in the first half of 2022, the NBS stated that in the first quarter of the year, crude oil valued at N5.621 trillion was exported by the country, while in the second quarter, N5.908 trillion was exported.
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In comparison, in the first quarter of 2021, the NBS said Nigeria earned N2.043 trillion from crude oil exports, while N4.072 trillion crude oil export sales were recorded in the second quarter.
Furthermore, in the third and fourth quarters of 2021, Nigeria recorded crude oil export of N4.026 trillion and N4.269 trillion, respectively.
Countries buying Nigeria's crude
Nigeria’s crude oil export in the second quarter of 2022 was to European countries, with the continent purchasing Nigeria’s crude oil valued at N2.737 trillion; followed by Asia, with N1.916 trillion, while countries in America purchased N861.937 billion.
Africa accounted for N355.853 billion of Nigeria’s crude oil export, while N36.459 billion worth of Nigeria’s crude oil was exported to Oceania.
India emerged as the highest buyer of Nigeria’s crude oil, with N1.009 trillion worth of the commodity shipped to the country in the second quarter; followed by the Netherlands, with the purchase of N886.314 billion worth of Nigeria’s crude oil; while N854.859 billion crude oil was exported to Spain.
Other major crude oil export destinations were Indonesia, N614.954 billion; the United States, N488.356 billion; Italy, N253.817 billion; Sweden, N232.152 billion; Canada, N226.704 billion; France, N192.273 billion and Ivory Coast, N191.425 billion.
Nigeria loses 80% of oil production to theft - Pastor Adeboye
Similarly, Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), recently claimed that 80% of the country’s oil production is lost to theft.
The revered cleric said this on Sunday, April 3, adding that 90% of oil revenue is used to service debt in Nigeria.
“More than 80 percent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."