Nigeria Sold N21tn Worth of Crude Oil in 2022, With US and India Among Biggest Customers

Nigeria Sold N21tn Worth of Crude Oil in 2022, With US and India Among Biggest Customers

  • A new report has revealed the list of countries buying Nigeria's crude oil as over N21 trillion was sold in 2022
  • Crude oil is Nigeria's main export and a vital source of revenue for the federal government of Nigeria.
  • The Netherlands was the country's biggest customer in the last quarter, and the US also made the top 10 list

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The National Bureau of Statistics (NBS) has revealed that Nigeria sold N21.09 trillion worth of crude oil in 2022.

The sales recorded is a 46.41% increase compared to N14.41 trillion recorded in 2021.

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

Nigeria crude oil export
Nigeria's crude oil export dropped in Q4, 2022. Photo credit: @bloomberg
Source: Getty Images

The crude oil export accounted for 78.74% of Nigeria’s N26.79 trillion total export in 2022, Punch reports.

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Snapshot of Nigeria's crude oil sales

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

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.

Countries buying Nigeria's crude

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

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.

Nigeria loses 80% of oil production to theft - Pastor Adeboye

Meanwhile, in another report, 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.

His words:

“More than 80 per cent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."


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