Monday, August 15, 2022
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy Economy

See Where Nigeria Exports more than 40% of its Crude-Oil

December 9, 2020
in Economy, Industry
Reading Time: 3 mins read
0
A A
0
See Where Nigeria Exports more than 40% of its Crude-Oil
Share on FacebookShare on Twitter
  • Nigeria exports about 42.5% of its oil to Spain, Netherlands, Turkey, France, Portugal, and Italy.
  • Crude-Oil export dominates the nation’s total export with 81.02%
  • Other oil products export total at N353.5bn

Among the five regions Nigeria exports its Crude-Oil to, Europe accounts for 42.5% of the total trade.

Due to the non-functional refineries in the country, exportation of oil to other countries have became necessary.

Exportation of Crude-Oil accounts for 81.02% of the total export of N2.42trn, a significant growth by 56% compared with Q2, 2020 and a fall in value by 35.3% in Q3, 2019.

No doubt, the sector is gradually recovering from the adverse effects of the global pandemic which had affected the extraction and fall in the global price of crude-oil.

The Foreign Trade Statistics for the third quarter of 2020 reports that the total trade recorded in the export component stood at N2.99trn, an increase by 34.85% compared with the value recorded in Q2, 2020, and a decrease of 43.41% compared with Q3, 2019.

This record represents the lowest level recorded since 2017. The reason for this low decline could be attributed to the negative implications of coronavirus pandemic.

According to the report, Nigeria exports crude-oil to five regions, Europe, Asia, Africa, America, and Oceania.

Europe tops by 42.5% of the total crude-oil export which amounts to N1.02trn. Spain, Netherlands, Turkey, France, Portugal, and Italy are the European countries Nigeria exports its crude-oil.

Spain is the top country in Europe that imports Nigeria’s Crude oil, although, it comes next to India an Asian country. Nigeria exports N282.84bn Crude-Oil to Spain, followed by Netherland, Turkey, and Italy accounting for 216.70bn, N138.74bn and N117.43bn respectively. While Portugal and France trades the lowest amount in the region with N89.1bn and N93.01bn respectively.

In Asia, the total export recorded for the 2020 third quarter was N910.57bn. A trade dominated by India and China.

According to the country by country distribution of crude-oil, India traded the highest among all the countries with N444.89bn while China accounts for N64.1bn cost of Crude-Oil imported from Nigeria.

South Africa and Ivory Coast are the two top destinations in Africa that trades the Nigeria’s Crude-Oil. Accounting for N200.7bn and N95.31bn respectively.

Other Oil Products Exports from Nigeria

Other oil products export cost N353.5bn with Europe trading the highest product worth N157.01bn, closely followed by Asia with N154.26bn, other regions include America; N32.76bn, Oceania; N9.5bn, and Africa trading the least amount of N6.95bn.

READ ALSO; Buhari To Address Senate, Reps Regarding Security Issues On Thursday

Tags: Europe
ShareTweetSend
Previous Post

[EXCLUSIVE] How Nigerians made Telecoms generate Highest Income Tax

Next Post

“Please tell me I am dreaming…my Tj gone” Davido mourns Bodyguard

Related Posts

Senate President
News

Senate probes Shell over Joint Venture breach, seeks $200m refund to FG

June 22, 2022
11
Emefiele begs NPA, Customs to help attract $200bn Non-Oil Exports Earnings
Business & Economy

Emefiele begs NPA, Customs to help attract $200bn Non-Oil Exports Earnings

June 16, 2022
16
Bread
Economy

Price of Bread to rise further to N900

June 9, 2022
21
Revealed: 6 sectors that performed very well, boost Nigeria’s GDP in first quarter
Business & Economy

Revealed: 6 sectors that performed very well, boost Nigeria’s GDP in first quarter

May 23, 2022
51
Business & Economy

CBN Eases Cash Deposits, Withdrawals with Bank-Neutral Cash Collection Centres

March 14, 2022
69
Oil Prices
Business & Economy

Russia-Ukraine crisis: Nigeria Petroleum Minister, Sylva Lament Uncomfortable Oil Prices

February 23, 2022
6
Next Post

"Please tell me I am dreaming...my Tj gone" Davido mourns Bodyguard

SERAP

SERAP threatens to sue Katsina govt for banning Whatsapp groups in schools

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7
Why Marriage Helps People Generate More Wealth

Why Married Men should stay away from Porn-Relationship expert

August 14, 2022
Real Estate: How To Create Steady Income Streams

How To Keep Your Business Running After Working Hours

August 13, 2022

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (424)
  • Capacity Building (21)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (314)
  • Education (192)
  • Entertainment (405)
  • Faith (55)
  • Finance (331)
  • Global (103)
  • Guest Columnists (17)
  • Health (242)
  • Health (56)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (97)
  • MGDs (10)
  • News (2,284)
  • Politics (373)
  • Projects (2)
  • Relationships (69)
  • Security (164)
  • SMEs (15)
  • SPECIALS (82)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (24)
  • Uncategorized (65)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam