Nigeria’s crude oil exports surged to an impressive N24.18 trillion in the first nine months of 2024, with the United States emerging as the largest importer, overtaking the Netherlands. This development underscores the country’s pivotal role in the global energy market despite fluctuating oil prices and shifting energy policies worldwide.
According to recent data from the National Bureau of Statistics (NBS), Nigeria’s crude oil remains highly sought after due to its light, sweet properties, which are ideal for modern refining processes. The U.S. imported Nigerian crude worth N3.64 trillion during this period, followed closely by France at N3.34 trillion and Spain at N3.02 trillion.
The Netherlands, which was Nigeria’s top buyer last year, accounted for N2.77 trillion in imports, while Italy and Canada followed with N2.64 trillion and N2.56 trillion, respectively. Other major buyers included South Korea (N2.02 trillion), Indonesia (N1.92 trillion), India (N1.57 trillion), and the United Kingdom (N1.07 trillion).
Experts attribute the consistent demand for Nigerian crude to its low sulfur content, which reduces refining costs and aligns with stringent environmental standards. This advantage has allowed Nigeria to maintain its competitive edge, especially as global markets prioritize sustainability and efficiency.
In addition to meeting international demand, Nigeria introduced a new crude grade, Utapate, in August 2024 to boost production. The new grade, produced at a terminal operated by the Nigerian National Petroleum Company (NNPC) in partnership with Natural Oilfield Services Limited, achieved a daily output of 19,000 barrels in June, with projections to reach 50,000 barrels by the end of the year.
The rise in crude exports has further solidified Nigeria’s position as one of Africa’s leading oil exporters, contributing significantly to the country’s total trade volume, which saw remarkable resilience during the period.
While the global energy landscape continues to evolve, Nigeria’s high-quality crude oil remains a vital resource, fostering robust economic ties with top buyers across Europe, North America, and Asia.
