The Foreign Trade in Goods report for the first quarter of 2018 shows that most of Nigeria’s crude was purchased by countries in Europe.
The report, which was released by the National Bureau of Statistics on Wednesday, said crude oil accounted for 76.3% of the total exports in that quarter.
According to the report, Nigeria realised N3.5 billion as proceeds from crude oil exports.
The top five destinations of Nigeria’s crude were Europe, Asia, The Americas, Africa and Oceania.
“The value of crude oil export stood at N3.580 billion in the first quarter of 2018, which accounted for 76.3 % of the total exports from Nigeria,” the report read.
The value of crude oil exports was said to be 10% higher than that recorded in Q4 2017 when N3.2 billion was realised.
It was also 50.74% higher than Q1 2017 where N2.3 billion was recorded as revenue.
Quoting secondary sources, the Organisation of Petroleum Exporting Countries (OPEC) monthly oil market report (MOMR) had said that Nigeria’s crude oil production was 1.78 million barrels per day (b/d), 1.79 million b/d and 1.81 million b/d in January, February and March respectively.
According to the half-year crude destination report released by the Nigerian National Petroleum Corporation (NNPC), India was the largest buyer of Nigeria’s crude.