Nigeria’s crude oil export rose to a record N11.53 trillion in the first half of 2022, an 88.5% rise compared to N6.12 trillion recorded in the corresponding period of 2021 and a 39% increase from N8.29 trillion in H2 2021.
This is according to data released by the National Bureau of Statistics (NBS) on Nigeria’s international trade.
Nigeria’s crude oil export accounted for 79.5% of the total exports recorded in the review period, representing the highest since the first half of 2019. Specifically, Nigeria exported merchandise between January and June 2022 worth N14.51 trillion, an increase of 81.2% recorded in the same period of 2021.
Non-crude oil export during the period stood at N2.98 trillion, which is 57.6% higher than the N1.89 trillion recorded in the corresponding period of 2021, and a 12.2% increase from N2.98 trillion recorded in the second half of last year.
Nigeria’s crude oil export earnings surged despite the decline in daily production. According to the NBS, daily crude oil production averaged 1.43mbpd and 1.49mbpd in Q2 and Q1 2022 respectively, the lowest on record.
However, the improvement in crude export earnings was due to the significant rally in the price of crude oil following the war between Russia and Ukraine in February 2022. The price of crude oil maintained a bullish stance in the first half of the year, trading at over $125 per barrel for the most part of the period.
A development, which saw Nigeria’s earnings skyrocket despite a drop in volume. This would have been more if production had improved. However, it was enough to produce a positive trade balance of N3.17 trillion in the review period.
Although, it is worth noting that crude oil prices have settled below the $100 per barrel mark, which could affect Nigeria’s crude oil earnings in the later part of the year.
Nairametrics compiles a list of top importers of Nigeria’s crude product in the first half of 2022.
India – N2.04 trillion
- India imported crude petroleum oils and oils obtained from bituminous minerals worth N2.04 trillion in the first half of the year from Nigeria, accounting for 18% of the total crude oil exported by Nigeria. Also, the Asian country imported natural gas from Nigeria worth N123.53 billion in the same period.
- A further breakdown of the data showed that N1.02 trillion was recorded as crude oil export to India in the first quarter, while N1.01 trillion was recorded in the second quarter. it is noteworthy to add that Nigeria imports jet fuel, motorcycles, and tobacco amongst others from India.
Netherlands – N1.49 trillion
- The Netherlands ranked second on the list with petroleum imports from Nigeria worth N1.49 trillion in the first half of the year, representing 13% of the total exported crude oil by the African giant.
- Meanwhile, Nigeria exported natural gas worth N10.63 billion to the Netherlands in the second quarter of the year, and none in the first quarter.
- Nigeria imported amongst other things, petrol, jet fuel, and aviation spirit from the Netherlands in the same period.
Spain – N1.38 trillion
- Spain imported crude petroleum oils and oils obtained from bituminous minerals worth N1.38 trillion in the first half of the year, accounting for 12% of the total crude oil exported by Nigeria. They also imported natural gas worth N310.16 billion in the period under review.
- The disaggregated report showed N528.49 billion crude oil export to Spain in Q1 2022 and N854.86 billion in the second quarter.
- Nigeria however imported disodium carbonate, petrol, gypsum, and finishing ceramics amongst others from Spain in the same period.
Indonesia – N1.06 trillion
- Indonesia imported crude petroleum oils worth N1.06 trillion in the period under review, accounting for 9% of Nigeria’s total crude oil export.
- In the first quarter of the year, crude oil export to Indonesia stood at N443.22 billion and increased to N614.95 billion in the second quarter.
- Meanwhile, other items imported by Indonesia from Nigeria include cocoa, ginger, aluminium, and other agricultural goods.
- Nigeria imported hydrogenated vegetable fats, seasoning powder, freezers, vaccines, etc. from Indonesia in the same period.