Nigeria’s Crude Oil Export Earnings Surged in Q1 2024

The depreciation of naira also contributed to the significant increase in crude oil exports value.

SEATTLE (Oil Monster): According to the latest statistics published by the Nigeria Bureau of Statistics (NBS), the country’s earnings from crude oil exports surged higher significantly by 50.2% quarter-on-quarter to N15.4 trillion during the initial quarter of the current year. The earnings had totalled N10.3 trillion during Q4 2023. Also, the value of crude oil exports surged by 200.79% when compared with Q1 2023.

The data indicates that crude oil played a predominant role in country’s earnings, maintaining its position as the country’s primary exported community. Crude oil continued to be the main source of foreign exchange for Nigeria during the first quarter of 2024. The oil sector accounted for 88% of the total exports.

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The depreciation of naira also contributed to the significant increase in crude oil exports value.

Nigeria has been producing crude oil in the range of 1.2 million barrels per day (bpd) since the beginning of 2024. This is significantly down from the projected production by the federal government of 1.78 million bpd of crude oil per day in 2024. Also, Nigeria has failed to meet its OPEC quota of 1.5 million bpd.

The Nigerian government has been keen on attracting foreign investment into the country’s oil and gas sector. Also, it has been engaging security agencies to thwart crude oil theft in the Niger Delta region.