Nigeria earns N3.3tr from crude oil sales to India, others in one year

Nigeria exported 322 million barrels of crude oil valued at $17billion to India, Spain and the Netherlands in 2015, Nigeria’s three largest crude destinations that year, data mined from the Nigerian National Petroleum Corporation (NNPC) showed. At an average crude oil price (Bonny Light) of $53 per barrel and official naira exchange rate of N196 in 2015, NNPC said figures obtained from the Central Bank of Nigeria (CBN), the trio bought crude valued at N3.3trillion in 2015.

The three countries accounted for 45.75 per cent of Nigeria’s total 705m barrels crude export in 2015.

India remained Nigeria’s largest crude export destination. 140 million barrels of crude, representing 19.90 per cent of the total 705 million was shipped to the Asian country.

The country bought the highest crude of 20 million barrels in April, followed by 18 million barrels in July of the same year.

It was followed by the Netherlands with 109 million barrels, representing 15.53 per cent, while Spain closed in with 73 million barrels, representing 10.32 per cent of the export volume in 2015.

The Spanish Ambassador to Nigeria, Alfonso Barnuevo, in a recent visit to NNPC, said Spain bought about 4.6 billion Euros worth of oil and gas from Nigeria.

Experts say export volumes could drop this year as activities of militant groups have lowered oil production from 2.2 million to 1.4 million barrels per day.

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