Nigeria exported crude oil worth N774.5 billion or ($1.86 billion) in the fourth quarter of 2021 to India, latest data from Nigeria Bureau of Statistics, NBS, has indicated.
Crude oil was followed by exports of liquefied natural gas at N89.8 billion and liquefied petroleum gas otherwise known as cooking gas at N6.7 billion to India.
“India remains one of the largest export markets for Nigeria and accounted for 15.2 per cent of total exports in the quarter, amounting to NGN874.9 billion.
The NBS said Spain ranked second in the fourth quarter, with exports to the European country valued at N789.2 billion. Crude oil was the largest exported commodity to Spain worth N624 billion in the quarter.
Nigeria exported liquefied natural gas worth N159.8 billion to Spain in the fourth quarter, it said. Also, Nigeria exported crude oil worth N383.6 billion to the Netherlands in the same quarter.
Nigeria is Africa’s largest crude oil exporting country. Oil exports account for more than 90 per cent of the country’s foreign exchange earnings and 70 per cent of government revenue, according to the International Monetary Fund.
Meanwhile, the Nigerian National Petroleum Company, NNPC, Limited has revealed that the country recorded about $868.5 million or N361.43 billion from gas export in 2021.
Also, domestic gas sale revenue within the period was put and N13.36 billion.
According to the Company, in January 2021, the country earned $50.19 million from the export of Nigeria Liquified Natural Gas, NLNG feedstock and made N1.05 billion on domestic Natural Gas Liquids/Liquefied Petroleum Gas, NGL/LPG, while in February it made $26.6 million and $90.38 million from NGL/LPG and NLNG feedstock exports respectively.
The NNPC recorded the achievements through support of its Joint venture Partners, JV, in the gas business which include include Chevron Nigeria Limited, Mobil Producing Nigeria, Shell Petroleum Development Company and Total Exploration and Production Nigeria.