Nigeria earns ₦5.62trn from crude oil, LNG in Q4, 2022 – Report

Africa’s largest economy earned a total of ₦5.62 trillion in revenue from crude oil and natural gas exportation in the fourth quarter of 2022, translating to $4,911.92 billion for crude oil and $704.88 billion in Liquified Natural Gas (LNG).

Data gleaned from the National Bureau of Statistics (NBS) showed that this accounted for 88.32 percent of Nigeria’s total export revenue of $6,359.61 billion in the period under review.

According to the report, ₦4,911.92 billion earned on crude oil exportation accounted for 77.24 percent, while the ₦704.88 billion earned on LNG exportation accounted for 11.08 percent of the country’s total exports value of ₦6,359.61 billion in the fourth 2022.

Nigeria’s crude oil export revenue increased by 46.41 percent to ₦21.09 trillion in 2022, bringing the country’s total export to ₦26.79 trillion. This is an increase from the ₦14.41trn recorded for the entire year of 2021.

According to the NBS report, Nigeria recorded total trade of ₦11,722.44 billion in the fourth quarter of 2022, with total exports of ₦6,359.61 billion and total imports of ₦5,362.83 billion.

Total annual trade was N52,387.30 billion, with total imports of N25,590.55 billion and total exports of N26,796.75 billion.

Total exports increased by 7.17 percent and 10.28 percent in the fourth quarter of 2022 compared to N5,934.15 billion in the third quarter of 2022 and N5,766.62 billion in the corresponding quarter of 2021 respectively.

Meanwhile, the value of crude oil exported in Q4, 2022 was N4,911.92 billion, a 5.44 percent increase over the N4,658.30 billion recorded in Q3, 2022, and a 15.05 percent increase over the same period in 2021.

According to EnergyDay, Nigeria produced 31,434,000 barrels of crude oil in October, 35,580,000 barrels in November, and 38,285,000 barrels in December 2022, for a total of 105,299,000 barrels in Q4, 2022.

Nigeria’s export earnings from other oil products in Q4, 2022 were 715.45 billion, a 14.56 percent decrease from the value recorded in Q3, 2022 (837.33 billion), but a 4.24 percent increase from the value in the fourth quarter of 2021 (686.38 billion).

Crude oil and LNG were the two commodities with the highest export values, primarily exported to Spain, the Netherlands, India, France, and Indonesia in the fourth quarter of 2022, constituting Nigeria’s top five export destinations.

Spain, the Netherlands, India, France, and Indonesia accounted for 9.70 percent, 9.03 percent, 7.71 percent, 7.70 percent, and 7.44 percent of total export destinations, translating to 41.59 percent of total export value.

In Q4, 2022, Nigeria exported the most goods to Europe, valued at $2,796.41 billion or 43.97 percent of total exports, followed by exports to Asia valued at $1,429.02 billion (22.47 percent of total exports), exports to America valued at $1,150.20 billion (18.09 percent of total exports), and exports to other African countries valued at $942.13 billion (14.81 percent of total exports), with 553.79 billion worth of goods exported to ECOWAS.