- 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.
