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HomeNewsOil And Gas Remains Nigeria's Dominant Export To Spain, India, US, Others

Oil And Gas Remains Nigeria’s Dominant Export To Spain, India, US, Others

Oil and gas products dominated Nigeria’s export to five countries in the third quarter of 2022 (Q3 2022), according to the commodity price indices and terms of trade report released by the National Bureau of Statistics (NBS).

The following products were exported to the following countries:

Spain – petroleum oils and oils obtained from bituminous minerals, and crude (N580.26 billion). Liquefied natural gas (N282.49 billion).
India – petroleum oils and oils obtained from bituminous minerals, and crude (N559.35 billion). Liquefied natural gas (N46.38 billion).
France – petroleum oils and oils obtained from bituminous minerals, and crude (N413.83 billion). Natural gas (N10.26 billion), oil cake and other solid residues (N4.05 billion).
The Netherlands – petroleum oils and oils obtained from bituminous minerals, and crude (N396.51 billion).
United States – petroleum oils and oils obtained from bituminous minerals, and crude (N292.83 billion). Other petroleum gases in gaseous state (N32.35 billion).

Petroleum products imports

Per Nairametrics, Nigeria imported the following petroleum products from the following countries in Q3 2022:

Spain – Lubricating oils (N6.54 billion).
India – Kerosene type-jet fuel (N60.97 billion), gas (N49.33 billion).
France – Motor spirit (N34.07 billion), petroleum oils (N4.67 billion).
The Netherlands – Motor spirit (N467.09 billion), gas oil (N30.06 billion).
Crude oil production for September 2022 averaged 937,766 barrels per day (bpd), according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

This is less than 972,394 bpd in August 2022.

Nigerian elite steal $46.16b crude oil in 7 years

Oil theft in the in the Niger Delta an organised crime perpetrated by the elite North and South, the Nigerian National Petroleum Company (NNPC) has lamented in the face an economy sabotage carried out in collusion with foreign entities.

Figures compiled by the Nigerian Extractive Industry Transparency Initiative (NEITI) show that 619.7 million barrels of crude oil worth $46.16 billion (N16.25 trillion) was stolen in seven years alone.

NEITI Head of Communications and Advocacy Obiageli Onuorah said in a statement the agency supports the plan by the federal government to investigate oil theft which has depleted output and destabilised the economy.

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