Nigeria Crude Oil Sales Surged 46% in 2022

SEATTLE (Oil Monster): The National Bureau of Statistics (NBS) reported that Nigeria’s crude oil sales surged higher significantly during the previous year. The crude oil sales by the country touched N21.09 trillion, higher by 46.41%, when compared with N14.41 trillion in the prior year. The boosted sales helped the country record overall exports of N26.79 trillion in 2022.

According to NBS data, Nigeria’s overall trade totalled N11.72 trillion in the fourth quarter of 2022, of which exports and imports were worth N6.36 trillion and N5.36 million respectively.

Meantime, the analysis by the World Bank says that the country has not benefited from rising crude oil prices, primarily due to lower oil production and ongoing fuel subsidies. It noted that between 2020 and 2022, the average price of crude oil edged higher by almost 150%. However, Nigeria reported deterioration in macroeconomic performance during this period. Also, its fiscal space contracted. In addition, the global bank noted that the country’s crude oil output has consistently been below its OPEC quota, driven by several factors, including high production costs and insufficient investment.