India, Netherlands spend N1.7trn on Nigerian crude oil in 3 months

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Three countries, India, The Netherlands, and the United States of America, USA emerged the highest importers of Nigerian crude oil grades, spending N1.71 trillion in the first quarter of 2018, Q1’18.

According to data from the National Bureau of Statistic’s Foreign Trade Statistics for the First Quarter of 2018 (Q1’18), the amount spent by the three countries on the importation of crude oil from Nigeria accounted for 48 per cent of the country’s total crude oil export valued  N3.58 trillion.

Specifically, India remained the highest buyer of Nigeria’s crude oil in the first quarter of 2018, with the purchase of N776.06 billion worth of the commodity, representing 21.7 per cent of Nigeria’s total crude oil export.

The Netherlands followed with the purchase of N567.84 billion worth of crude oil, accounting for 15.86 per cent of Nigeria’s total crude oil export.

The United States of America accounted for 10.29 per cent of Nigeria’s total crude oil export, with its purchase of N368.27 billion worth of Nigeria’s crude oil in the period under review.

Other top buyers of Nigeria’s crude oil in the first quarter of 2018 are Spain, France, South Africa and Sweden, buying N318.14 billion, N235.24 billion, N196.25 billion and N195.34 billion of Nigeria’s crude oil respectively, while The United Kingdom, Indonesia and Italy spent N143.19 billion, N133.24 billion and N102.36 billion on the commodity from the country respectively.

The report further noted that Nigeria exported crude oil and other mineral products valued at N4.14 trillion, accounting for 88.2 per cent of Nigeria’s total export. It said, “This category of export saw a 10.05 per cent growth from the previous quarter, and as in previous quarters, it was dominated by crude oil exports. “Crude oil export kept dominating exports from Nigeria, which accounted for N3.58 trillion or 76.3 per cent of the value of total exports in the first quarter of 2018.

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