The country’s crude oil, renowned for its exceptional quality and strategic advantages, remains highly sought after worldwide.
As Africa’s leading oil producer, Nigeria’s crude grades, such as Bonny Light and Qua Iboe, boast desirable characteristics that attract international buyers.
A notable milestone was achieved in July 2024 with the launch of the Utapate crude blend by NNPC Ltd and SEEPCO Ltd. The inaugural shipment of 950,000 barrels was delivered to Spain.
Nigeria’s oil production in figures
In 2024, Nigeria emerged as one of Africa’s top crude oil exporters, supplying high-quality crude to various countries globally.
The report, published by BusinessDay, highlights data from the National Bureau of Statistics (NBS) covering the period from January to September 2024.
According to S&P Global, the country averaged 1.5 million barrels per day in oil production during the period.
Despite challenges such as fluctuations in global oil prices, changing energy policies, and widespread oil theft, Nigeria’s crude oil has remained in high demand.
The Nigerian National Petroleum Company Limited (NNPCL), under the leadership of Managing Director Mele Kyari, recently announced that Nigeria, along with its international partners, had increased crude oil and gas production to 1.8 million barrels per day (b/d) and 7.4 billion cubic feet per day (Bcf/d).
This achievement is attributed to the concerted efforts of the government, security forces, and joint venture partners to combat theft and sabotage
Nigeria’s strategic geographic location along the West African coast enhances the appeal of its crude oil.
Being close to international shipping routes reduces transportation costs for importing countries.
This proximity is particularly advantageous for nations in Europe, the Americas, and parts of Asia, which rely on steady energy supplies to meet their industrial and domestic needs.
According to the latest figures from the NBS, the following countries were Nigeria’s largest crude oil buyers in 2024;
| Rank | Country | Purchase Amount (Naira/Trillion) |
|---|---|---|
|
1 |
United States |
3.64 |
|
2 |
France |
3.34 |
|
3 |
Spain |
3.02 |
|
4 |
Netherland |
2.77 |
|
5 |
Italy |
2.64 |
|
6 |
Canada |
2.56 |
|
7 |
Indonesia |
2.02 |
|
8 |
India |
1.57 |
|
9 |
Ivory Coast |
1.57 |
|
10 |
United Kingdom |
1.07 |
In the first nine months of 2024, the United States surpassed the Netherlands to become the top buyer of Nigerian crude, purchasing N3.64 trillion worth.
France followed in second place with N3.34 trillion in imports, driven by Nigerian oil’s compatibility with its refining infrastructure.
Spain ranked third with imports valued at N3.02 trillion, as part of its strategy to diversify energy sources and reduce reliance on the Middle East.
