Nigeria’s Crude Oil Export Hits Record-High Of N11.5trn In H1’22

Nigeria’s crude oil export surged to N11.5 trillion in the first six months of 2022, the highest ever recorded in such a period.

This shows an 88.5% rise compared to N6.12 trillion recorded in the corresponding period of 2021 and a 39% increase from N8.29 trillion in H2 2021.

The National Bureau of Statistics disclosed this in data released on Nigeria’s International Trade.

Nigeria’s crude oil export accounted for 79.5% of the total exports recorded in the review period, representing the highest since the first half of 2019. Specifically, Nigeria exported merchandise between January and June 2022 worth N14.51 trillion, an increase of 81.2% recorded in the same period of 2021.

Non-crude oil export during the period stood at N2.98 trillion, which is 57.6% higher than the N1.89 trillion recorded in the corresponding period of 2021, and a 12.2% increase from N2.98 trillion recorded in the second half of last year.

Nigeria’s crude oil export earnings surged despite the decline in daily production. According to the NBS, daily crude oil production averaged 1.43mbpd and 1.49mbpd in Q2 and Q1 2022 respectively, the lowest on record.

However, the improvement in crude export earnings was due to the significant rally in the price of crude oil following the war between Russia and Ukraine in February 2022. The price of crude oil maintained a bullish stance in the first half of the year, trading at over $125 per barrel for the most part of the period.

A development, which saw Nigeria’s earnings skyrocket despite a drop in volume. This would have been more if production had improved. However, it was enough to produce a positive trade balance of N3.17 trillion in the review period.

Although, it is worth noting that crude oil prices have settled below the $100 per barrel mark, which could affect Nigeria’s crude oil earnings in the later part of the year.

The top importers of Nigeria’s crude oil are; India (N2.04 trillion), Netherlands (N1.49 trillion), Spain (N1.38 trillion), and Indonesia (N1.06 trillion).