Nigeria Generates N10.31 Trillion from Crude in Three Months, As Oil Export Increases by 20.8%

Nigeria made N10.31 trillion from selling crude oil in just three months, with its total export increasing by 20.8%.

In the three-month period from October to December 2023, Nigeria exported crude oil worth N10.31 trillion, representing a significant portion of the country’s total export value.

In the latest data from the National Bureau of Statistics, it was shown that during the fourth quarter of 2023, a whopping 81% of all exports were from crude oil.

This means that the value of crude oil exported from Nigeria during that three-month period grew by 20.80%. To put it into perspective, the previous quarter saw N8.53 trillion worth of crude oil exports, while in the quarter before that, it was N4.91 trillion. This shows a significant increase in value of 109.91% between the two periods.

After increasing oil production steadily for months, Nigeria hit a milestone in January by reaching 1.42 million barrels per day, which hasn’t happened in years. It seems like this positive trend will continue, as projections indicate that Nigeria could meet or surpass its revised quota of 1.5 million bpd with OPEC by the third quarter of 2023 when the production data for February is released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

“The value of crude oil exports in Q4, 2023 stood at N10,310.70 billion indicating an increase of 20.80 per cent compared to the value recorded in Q3, 2023 (N8,535.61 billion) and increased by 109.91 per cent when compared to the same period in 2022 (N4,911.92 billion).

“The value of other oil products exports in Q4, 2023 was N1,287.65 billion; this showed an increase of 13.61 per cent and by 79.98 per cent when compared to the value recorded in Q3, 2023 (N1,133.42 billion) and the value in the fourth quarter of 2022 (N715.45 billion) respectively,” the NBS report showed.

During that time, Nigeria’s solid minerals sector didn’t do as well as hoped, making only N58.92 billion. It was a small improvement of 6.43% from the previous quarter, but still not as good as expected.

“The value of solid minerals imports in the fourth quarter of 2023 stood at N58.92 billion. This value was 6.43 per cent higher than the value recorded in Q3, 2023 (N55.36 billion) and 72.68 per cent higher than the value recorded in Q4, 2022 (N34.12 billion).”

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