Nigeria's Crude Oil Export Rises over 50%, Hits N15.4tn in Q1
Nigeria's crude oil production made significant recovery in the first quarter of 2024, with the country raising its export of the commodity by 50.2 per cent to N15.4 trillion during the period.
Latest figures from the National Bureau of Statistics (NBS) showed that the value of the country's sales of crude oil to other nations rose from N10.3 trillion in Q4, 2023 to a cumulative N15.4 trillion in Q1, 2024.
The earning was also far better than what Nigeria received from oil sales in Q3, 2023, which was N8.5 trillion as well as the export value in Q2, which was N5 trillion. It also showed that the country exported N4.9 trillion crude oil in Q1, 2023, markedly lower than the revenue the country raked in during the quarter under review.
A breakdown of the Q1, 2024 export data indicated that in January alone, Nigeria sold N5.2 trillion worth of oil, higher than all its export value for Q1, 2023, increasing it to N5.4 trillion in February, but with a marginal fall to N4.8 trillion in March of this year.
“Crude oil exports in Q1, 2024 were valued at N15,486.63 billion, a rise of 50.20 per cent from N10,310.70 billion in Q4, 2023 and by 200.79 per cent from N5,148.58 billion in Q1, 2023,” the data showed.
According to the NBS report, other oil product exports in Q1, 2024, stood at N1,901.88 billion, showing an increase of 47.70 per cent from N1,287.65 billion in Q4, 2023 and a 177.17 per cent rise from N686.17 billion in Q1, 2023.
For about four years, Nigeria has been unable to meet its Organisation of Petroleum Exporting Countries (OPEC) production quota, but had since the last quarter of 2024 begun a slow recovery.
However, in March, the last month in Q1, production declined markedly to 1.23 million barrels per day, blighting a trend that had given Nigeria hope of meeting its local and international crude supply obligation.
In April, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, attributed the low crude oil production during the previous month, to issues with the Trans-Niger Pipeline (TNP) and maintenance activities by some oil companies.
Furthermore, the minister noted that the federal government was working on policies geared towards maximising the use of all available wells across the country in a bid to generate revenue to meet budget expenses and foreign exchange to stabilise the FX market.
In Q1, 2024, the top trading export partners for Nigeria were France, Spain, the Netherlands, India, and the United States of America. The most exported commodities included crude oil, liquefied natural gas, sesamum seeds and urea.
Besides, solid mineral exports in Q1, 2024 were valued at N63.41 billion, marking a 76.77 per cent increase from N35.87 billion in Q4, 2023 and a 143.69 per cent rise from N26.02 billion in Q1, 2023.
The data revealed that export accounted for 60.25 per cent of total trade in the reviewed quarter with a value of N19,167.36 billion, showing an increase of 51.00 per cent compared to the value recorded in Q4, 2023, that is, N12,693.62 and by 195.47 per cent over the value recorded in the first quarter of 2023, that is, N6,487.04 billion.
“Exports trade in the first quarter of 2024 was dominated by crude oil exports valued at 15,486.63 billion, representing 80.80 per cent of total exports while the value of non-crude oil exports stood at N3,680.73 billion accounting for 19.20 per cent of total exports: of which non-oil products contributed N1,778.85 billion or 9.28 per cent of total exports,” NBS said
In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, the United States of America, Belgium, and The Netherlands.
The most traded commodities were motor spirit (ordinary), other liquefied petroleum gases, gaseous hydrocarbons, among others.
During the first quarter of 2024, total imports were valued at N12.643.23 billion accounting for 39.75 per cent of total trade. Using the Standard International Trade Classification, the top-ranked group import was “mineral fuels” with N4,436.59 billion, representing 35.09 per cent of total imports.
This was followed by machinery and transport equipment with N3,170.35 billion (25.08 per cent of total imports) and chemicals & related products with N1.786.43 billion (14.13 per cent of total imports).
In Q1, 2024, Export values to African countries stood at N2,236.82 billion, while Imports amounted to N401.83 billion. Nigeria's exported products in Africa mainly to South Africa (N957.06 billion), Ivory Coast (N744.59 billion), Senegal Republic (N361.29 billion), Benin rep. (N55.67 billion) and Togo (N38.01 billion). representing 96.41 per cent of exports to Africa.
In the same vein, the major importing partners were South Africa with goods valued at N97.33billion and Ivory Coast with N51.41 billion other importing countries are Togo with N40.86 billion, Egypt with N40.23 billion and Morocco with N30.07 billion.