Nigeria’s crude oil exports surged to N55.28 trillion in 2024, marking a 90.63% increase from the N29 trillion recorded in 2023, according to the National Bureau of Statistics (NBS). The agency detailed the sales figures in its Q4 foreign trade report, obtained by Shipping Position Daily.
The report shows that Nigeria’s highest crude oil revenue was generated in the first quarter of 2024, with sales totaling N15.48 trillion. This was followed by N12.60 trillion in Q2, N13.40 trillion in Q3, and N13.78 trillion in Q4.
Top buyers of Nigerian crude oil in Q4 2024:
Nigeria’s crude oil exports in the fourth quarter alone totaled over N13 trillion, with France, Indonesia, and Canada emerging as the top three buyers.
- France – N1.75 trillion
France led the list of importers, purchasing N1.75 trillion worth of Nigerian crude oil in Q4, maintaining its position as a key European buyer. - Indonesia – N1.36 trillion
Indonesia followed closely, securing N1.36 trillion worth of Nigerian crude, reinforcing its role as a major Asian market for Nigeria’s oil. - Canada – N1.35 trillion
Canada ranked third, importing N1.35 trillion worth of Nigerian crude oil in the last quarter of 2024.
Other major buyers in Q4 included:
- Spain – N1.24 trillion
- Netherlands – N1.23 trillion
- United States – N821 billion
- Italy – N794 billion
- South Africa – N717 billion
- China – N261 billion
Despite fluctuations in global oil prices, crude oil remains Nigeria’s top export and the primary source of government revenue. The surge in exports underscores the continued demand for Nigerian crude across Europe, North America, and Asia.
