India, Spain, 2 others purchaseOil N1.77tr Nigerian crude in 3 months

Abuja -- Four countries India, Spain, the Netherlands and South Africa - emerged the highest buyers of Nigeria’s crude oil, with the purchase of N1.77 trillionworth of the commodity in three months, from January to March 2019.

Data obtained from the National

Bureau of Statistics, NBS, revealed that India emerged the highest buyer of the Nigerian crude oil in the three-month period, with N684.008 billion. Spain purchased N395.669 billion worth of Nigeria’s crude while the Netherlands and South Africa purchased N366.338 billion and N325.04 billion crude oil respectively.

In the previous quarter, the NBS reported that India, Spain, the Netherlands and France were the highest buyers of Nigeria’s crude oil, spending N730.299 billion, N471.625 billion, N432.152 billion and N339.73 billion respectively.

The NBS disclosed that, all together, Nigeria exported crude oil valued at N2.415 trillion in the first three months of this year and that the export was to nine countries.

Besides India, Spain, the Netherlands and South Africa, five other countries - France, Italy, Turkey, Ghana and Sweden - accounted for the total N2.415 trillion worth of oil exported during the period under review.

France purchased Nigeria’s oil valued at N229.233 billion; Italy, N175.585 billion; Turkey, N76.473 billion; Ghana, N728.38 million and Sweden, N151.038 billion.

The NBS further explained that in the first quarter of 2019, Nigeria exported most products to Europe, Asia and Africa.

Details of the exports to the three continents, according to the NBS, showed that an equivalent of N1.833 trillion or 40.43 per cent was to Europe, N1.324 trillion or 29.2 per cent (Asia) and N936.8 billion or 20.67 per cent (Africa).

Furthermore, the NBS averred that Nigeria exported goods worth N405.8 billion or 8.95 per cent to the Americas and N34.5 billion or 0.76 per cent to

Oceania.

Within Africa, the NBS explained that Nigeria exported goods valued at N300.6 billion to ECOWAS member states, representing 32.08 per cent of total merchandise exports to Africa, adding that by country of destination, Nigeria exported goods mainly to India, Spain, Netherlands, South Africa and France, valued at N745 billion or 16.43 per cent, N487.1 billion or 10.74 per cent, N405.4billion or 8.9 per cent, N325.5 billion or 7.2 per cent and N302.3 billion or 6.7 per cent respectively.

With the discovery of shale oil, the United States had discontinued its purchase of Nigeria’s crude oil, causing a significant decline in Nigeria’s crude oil export. Prior to the stoppage, the US was Nigeria’s highest crude oil destination. After the US stopped purchasing Nigeria’s crude oil, India emerged the highest buyer and had remained the leader in that regard over the last couple of years.