- The NBS has revealed the list of countries buying Nigeria’s crude oil, with sales totalling over N14 trillion in three months
- Crude oil is Nigeria’s main export and was a key factor contributing to the seventh consecutive quarter of trade surplus
- The federal government of Nigeria heavily relies on revenue from crude oil for budget implementation
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that Nigeria sold N14.55 trillion worth of crude oil in Q2 2024, between April and June 2024.
This represents a 5.99% decrease from the N15.48 trillion sold in Q1 2024.
However, on a year-on-year basis, the value of oil exports in Q2 2024 represents a 190.86% increase from the N5 trillion reported in Q2 2023.
NBS captured the sales in its second …