See list of countries buying Nigeria's crude oil as Nigeria makes over N14trn

• The NBS has revealed the list of countries buying Nigeria's crude oil, with sales totaling over N14 trillion in three months
• Crude oil is Nigeria's main export and was a key factor contributing to the seventh consecutive quarter of trade surplus
• The federal government of Nigeria heavily relies on revenue from crude oil for budget implementation

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The National Bureau of Statistics (NBS) has revealed that Nigeria sold N14.55 trillion worth of crude oil in Q2 2024, covering the period between April and June 2024.

This represents a 5.99% decrease from the N15.48 trillion sold in Q1 2024.

However, on a year-on-year basis, the value of oil exports in Q2 2024 represents a 190.86% increase from the N5 trillion reported in Q2 2023.

Nigeria sold over N11tr worth of crude oil 3 months Photo credit: Mekdet
Source: Getty Images

NBS captured the sales in its second quarter foreign trade report obtained by Legit.ng from its website.

Snapshot of Nigeria's trade data

In the second quarter of 2024, Legit.ng reported that Nigeria recorded a total merchandise trade of N31.89 trillion.

Exports within the period under review stood at N19.4 trillion while imports was N12.47 trillion.

Nigeria's export trade continued to be dominated by crude oil.

Crude oil exports were valued at N14.55 trillion represents 74.98% of total exports.

In contrast, non-crude oil exports amounted to N4.85 trillion accounted for 25.02% of total exports.

Within this non-crude oil category, non-oil products contributed N1.94 trillion, or 10.01% of total exports.

Here are the 10 countries buying Nigerian crude and value

The NBS also provided information on the countries that purchased Nigeria's crude oil worth over N11.4 trillion.

Top oil well owners in Nigeria Since 2020

Legit.ng previously reported that the ownership of wells in Nigeria is very opaque, with reports saying some unknown entities and highly placed individuals have cornered using proxies.

About 75 known oil well operators exist in Nigeria as of December 2020.

The oil well owners in Nigeria include Shell, Mobil, Agip, Elf, and others who are in the process of divesting from the country.

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Source: Legit.ng