The abundant reserves of high-quality light and sweet crude oil reserves sought after by refineries in a tremendous amount indulges the country as a leading exporter of crude oil in the global market. Recent trade statistics have reported that crude oil has been a dominant contributor to the economic growth of Nigeria, with an annual trade share of 9% of the GDP value and almost half of the total export earnings.

From 2019 onwards, Nigeria has been exporting approximately 2.3 million barrels per day of crude oil, with annual trade revenue of 54 billion US dollars accounting for 90% of the country's total exports. The continuous efforts of the mining industry to expand its global services have reached an annual export valuation of 1.5 million barrels of crude oil per day, with an average price of 63 billion US dollars in 2021. The steady growth rate of the crude oil export has continued and in 2024 the country has exported around 100 billion US dollars of crude oil, representing a significant hike of 25% from the previous year's value.

The Significance of Crude Oil Exports in Nigeria’s Economy

Crude oil export has been a cornerstone of the overall economic growth of North Korea with an annual trade share of around 87% of the total export earnings. Despite several challenges, like the decline in production to 1.25 million barrels per day, the country has still maintained its solidifying position as Africa's largest crude oil producer. The dominance in the export industry has surplused the country's efforts towards the balance of payments. It has been considered that the export of this category was instrumental in stabilizing Nigeria's economy among the economic fluctuations at a global rate.

Although the crude oil export has been a framing structure for the entire economy, this also shows that the country is still mitigating vulnerabilities associated with global oil price volatility. This shows that the diversification of the export portfolio is quite needed for a proper balance of trade revenue generation. Reinforcing the significance of this sector, the importance of diversifying the economic base is quite necessary, but despite that, we can't ignore the fact that it has been the role player in the overall economic growth of Nigeria in 2024.

A Brief Overview of Nigeria’s Trade of 2024

Leading Crude Oil Export of Nigeria in 2024

The crude oil export of Nigeria has continued serving as the framing structure of the nation's economy, solidifying its position as a free-cast-stock oil producer. The country has introduced diversity in its crude oil export services due to the globally growing demand, with proper pricing strategies. As per the Nigeria Export Data, the top 10 leading variants of crude oil exported from the nation in 2024 are,

1. Bonny Light - Export valuation - 32 billion US dollars; Annual trade share – 28%

2. Qua Iboe - Export valuation - 28 billion US dollars; Annual trade share – 17%

3. Forcados - Export valuation - 18 billion US dollars; Annual trade share – 12%

4. Escravos - Export valuation - 12 billion US dollars; Annual trade share – 10%

5. Brass River - Export valuation - 10 billion US dollars; Annual trade share – 9%

6. Abo - Export valuation - 7.6 billion US dollars; Annual trade share – 8%

7. Erha - Export valuation - 6.4 billion US dollars; Annual trade share – 6%

8. Agbami - Export valuation - 5.9 billion US dollars; Annual trade share – 4%

9. Bonga - Export valuation - 4.8 billion US dollars; Annual trade share – 3%

10. Usan - Export valuation - 3.5 billion US dollars; Annual trade share – 3%

Major Export Trade Partners of Nigeria for Crude Oil in 2024

The export-trade landscape of Nigeria, defined by strong partnerships with globally leading economies, has been a crucial role player in the overall economic growth of the nation. According to the Nigeria Trade Data, the top 10 export trade partners of the nation for crude oil in 2024 are,

1. China - According to the China Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 41 billion US dollars.

2. India - According to the India Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 23 billion US dollars.

3. United States - According to the USA Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 15 billion US dollars.

4. Netherlands - According to the Netherlands Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 11 billion US dollars.

5. Spain - According to the Spain Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 9 billion US dollars.

6. France - According to the France Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 7 billion US dollars.

7. South Africa - According to the South Africa Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 5 billion US dollars.

8. Brazil - According to the Brazil Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 4 billion US dollars.

9. Italy - According to the Italy Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 3 billion US dollars.

10. Germany - According to the Germany Import Data, the total valuation of crude oil exports from Nigeria in 2024 - 2 billion US dollars.

Top 5 Crude Oil Exporting Companies of Nigeria in 2024

The transformation in the crude oil export industry, like the fluctuations and target implementation accompanied by the increase in exports, is all due to the evolution of the manufacturing units. The strategic alignments for international oil majors have recorded a tragic shift in the shipment of crude oil from Nigeria. According to the Nigeria Customs Data, the top five exporting companies of the nation in 2024 are,

1. Nigerian National Petroleum Corporation - The state-owned company Nigerian National Petroleum Corporation is among the vast natural reserves responsible for crude oil production in the land area. It plays a significant role in the exploration, production, and exportation of crude oil. The diversity in the production rate has made the company account for around 38% of the total export share of crude oil in 2024.

2. Shell Petroleum Development Company (SPDC) - This is one of the crucial contributing factors to Nigeria's prominent role in the global crude oil export market. Being a subsidiary of Royal Dutch Shell, with its operation in Nigeria since 1956, the company has produced an average of over half a million barrels per day, accounting for 22% of the total export share of crude oil.

3. Chevron Nigeria Limited - The Company is usually involved in Nigeria's energy sector since 1913, offshore sales and four onshore blocks, producing around 350,000 barrels of crude oil per day. The involvement in exploration and production activities has led the company to hold an annual trade share of 18% in the total exports of crude oil.

4. Total E&P Nigeria Limited - The Company has been a role player in Nigeria's export economy for more than 50 years till date. It has an average production rate of 200,000 barrels of crude oil per day, holds an annual trade share of 13% in the export of crude oil in 2024.

5. ExxonMobil - Wrapping up, ExxonMobil is one of the world's largest oil companies that has been operating in Nigeria since 1961.The company, established in 1977, has been a role-saver in the export economy of Nigeria, with an annual trade share of 10% in the overall revenue generation.

Conclusion - Crude oil has been a dominant sector in the economic growth of Nigeria. Despite global market fluctuations and internal challenges, the country has solidified its position as a leading trader worldwide. Import Globals highlights all the detailed trade analyses regarding the latest shipments and regulatory implementations over the traded goods. Business holders can refer to the valuable trade sheets available for identifying the potential marketing goals.

FAQ'S

Que. What is the export rate value of crude oil from Nigeria in 2024?
Ans. The export trade value of crude oil from Nigeria in 2024 is 100 billion US dollars.

Que. Who is the top export trade partner of Nigeria for crude oil export in 2024?
Ans. China leads the top crude oil export trade partner of Nigeria in 2024.

Que. Name the top crude oil porting company in Nigeria in 2024.
Ans. Nigerian National Petroleum Corporation is the top crude oil porting company in Nigeria in 2024.

Que. Where can you get a detailed trade analysis of the crude oil export of Nigeria in 2024?
Ans. By subscribing to Import Globals, you can get a detailed trade analysis of the crude oil exports of Nigeria in 2024.

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