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Nigeria’s Crude Oil Export Rises over 50%

Nigeria’s crude oil production made a significant recovery in the first quarter of 2024, with the country raising its export of the commodity by 50.2 per cent to N15.4 trillion during the period.

The latest figures from the National Bureau of Statistics (NBS) showed that the value of the country’s sales of crude oil to other nations rose from N10.3 trillion in Q4, 2023, to a cumulative N15.4 trillion in Q1, 2024.

The earnings were also far better than what Nigeria received from oil sales in Q3, 2023, which was N8.5 trillion, as well as the export value in Q2, which was N5 trillion. It also showed that the country exported N4.9 trillion crude oil in Q1, 2023, markedly lower than the revenue the country raked in during the quarter under review.

A breakdown of the Q1 2024 export data indicated that in January alone, Nigeria sold N5.2 trillion worth of oil, higher than all its export value for Q1 2023, increasing it to N5.4 trillion in February, but with a marginal fall to N4.8 trillion in March of this year.

“Crude oil exports in Q1, 2024 were valued at N15,486.63 billion, a rise of 50.20 per cent from N10,310.70 billion in Q4, 2023 and by 200.79 per cent from N5,148.58 billion in Q1, 2023,” the data showed. According to the NBS report, other oil product exports in Q1, 2024 stood at N1,901.88 billion, showing an increase of 47.70 per cent from N1,287.65 billion in Q4, 2023 and a 177.17 per cent rise from N686.17 billion in Q1, 2023.

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