In Nigerian Bureau for Statistics [NBS] has reported that in the third quarter of 2022, Spain remained Nigeria’s biggest crude oil customer. India, France, Netherlands, Indonesia and the United States complete the top five.

NBS also reported that the other countries in the top 10 list are South Africa, Ivory Coast, Portugal and Italy.

The report said that between July and August, Spain purchased N580.2 billion worth of crude oil from Nigeria, whereas India’s purchases stood at N559 billion.

Within the period in review, Nigeria sold crude old worth N413.83 billion to France, while the value for Netherlands stood at N396.51 billion. The figure for Indonesia was put at N406 billion. The United States bought N292.83 billion worth of crude oil from Nigeria, the report stated.

Also Read: Despite Derivation Fund Refunds, Nigeria’s Oil-Producing States Highest Debtors – FG

The National Bureau of Statistics (NBS) also revealed that South Africa paid N283.70billion; Ivory Coast, N247.73billion; Portugal, N141.74billion; and Italy, N192.61billion worth of respectively
Further in the NBS report, the Nigerian National Petroleum Company (NNPC) Limited earned N16 trillion from crude oil sales.

A breakdown of the quarter earnings for this year showed the NNPC generated N5.6trillion in the first quarter, with earnings rising in the second quarter to N5.9trillion, but it fell to N4.6trillion in the third quarter, the NBS said.

It was gathered that in the third quarter of 2021, the value of crude oil exports was N4 trillion, but it increased by 16% in the same period this year. The drop in revenue IS attributable to decline in production.

Also Read: Nigeria: Oil Production Slumps, As Growth Rate Slows to 2.25%

But in a recent account, the chief upstream investment officer at the NNPC Upstream Investment Management Services (NUIMS), Bala Wunti, had stated that Nigeria’s production schedule is now looking 
According to him, crude oil output had dropped to one million in August, but it has increased to 1.59 million barrels per day as of December 6, 2022.

By Bosco Anayo


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