Key highlights
- Just like in the third quarter of 2022, oil and gas products dominated Nigeria’s exports for the fourth quarter of 2022.
- Spain was Nigeria’s largest export trade partner during the period highlighted. The United States of America was knocked off the list of top oil and gas export trade partners for the period highlighted.
- As Nigeria records more crude oil production rates, petroleum products foreign trade could see an increase in the coming months.
Oil and gas products dominate Nigeria’s exports for the fourth quarter of 2022. This is according to the latest Terms of Trade report by the National Bureau of Statistics (NBS).
During the period highlighted, the report states that the major export markets of Nigeria were Spain, the Netherlands, India, France, and Indonesia. Following that, the major exports from Nigeria to these countries were petroleum products.
So, the report highlighted petroleum products exports to these countries as earning up to N3 trillion during the period under review.
- Spain: According to the report, Spain was the largest export market for Nigeria during the fourth quarter of 2022. The largest exported commodity to Spain was petroleum oils and oils obtained from bituminous minerals, crude at N383.39 billion, closely followed by natural gas at N218.11 billion and Urea at N7.31 billion.
- The Netherlands: The report states that in Q4/2022, the major commodities exported during the period were petroleum oils and oils obtained from bituminous minerals, as well as crude at N517.65 billion.
- India: According to the NBS report, the largest exported commodity to India during the fourth quarter of 2022, was petroleum oils and oils obtained from bituminous minerals, as well as crude at N420.88 billion, closely followed by Urea at N31.19 billion and natural gas at N17.09 billion.
- France: Exports to France were largely dominated by exports of petroleum oils and oils obtained from bituminous minerals, as well as crude at N441.73 billion, natural gas at N21.98 billion, and Urea at N15.38 billion.
- Indonesia: During the fourth quarter of 2022, the major commodities exported to Indonesia were petroleum oils and oils obtained from bituminous minerals; as well as crude at N462.67 billion.
Backstory: Previous data from the National Bureau of Statistics (NBS) showed that oil and gas products also dominated the country’s exports for 2022. However, the United States of America which was one of the countries topping the chart in Q3/2022 is absent in the top export destinations for oil and gas products in the fourth quarter of 2022.
What you should know: Nigeria’s petroleum products trade could see an improvement in the coming months as the country is increasing its crude oil production. As of February 2023, Nigeria was producing 1.3 million barrels of oil per day. This is aside from condensation production. This is an increase from the 1.1 million barrels recorded in December 2022.
