Based on data on Nigeria’s foreign commerce given by the National Bureau of Statistics (NBS). Nigeria’s crude oil exports reached a record N11.53 trillion in the first half of 2022, up 88.5% from N6.12 trillion in the same time in 2021 and up 39% from N8.29 trillion in H2 2021.
What this means
Nigeria’s crude oil exports accounted for 79.5% of total exports during the review period, the highest level since the first half of 2019. Nigeria exported goods worth N14.51 trillion between January and June 2022, a rise of 81.2% over the same period in 2021.
Non-crude oil exports totaled N2.98 trillion during the period, up 57.6% from N1.89 trillion in the same time in 2021, and up 12.2% from N2.98 trillion in the second half of last year. Despite a reduction in daily production, Nigeria’s crude oil export earnings increased.
Why this matter
Nigeria’s production has reduced in recent months due to oil theft, spillage, etc but the increase in crude export earnings was attributable to a huge increase in crude oil prices as the war between Russia and Ukraine started in February 2022. Crude oil prices rose drastically in the first half of the year, trading above $125 a barrel for the majority of the time.
This development saw Nigeria’s revenue surge despite a decline in production volume.
Looking forward
India, Netherlands, Spain, and Indonesia topped the list as the biggest importers of crude oil and gas from Nigeria