In the fourth quarter of 2023, Nigeria’s export of crude oil increased by 20.8%, with sales reaching N10.31 trillion.
The latest foreign trade data released by the National Bureau of Statistics for the fourth quarter of 2023 showed that crude oil accounted for a significant 81 percent of total exports.
The value of crude oil exported during this period increased by 20.80 percent.
In the previous quarter, the value of crude oil exports was N8.53 trillion, and in the second quarter, it was N4.91 trillion, showing a significant 109.91 percent increase between the two periods.
In contrast, during the previous quarter, Nigeria exported crude oil valued at N8.53 trillion, compared to N4.91 trillion in the second quarter, marking a 109.91 percent increase in value between the two periods.
Over the years, Nigeria has seen a gradual decline in total crude oil production due to reduced investment, vandalism, and extensive theft in the Niger Delta region.
In response to the drop in crude production to around 900,000 barrels per day in the third quarter of 2022, the federal government took action by engaging local security organizations in pipeline surveillance efforts.
Nigeria had experienced a continual decrease in crude oil production due to various factors such as reduced investment, vandalism, and significant theft in the Niger Delta region.
However, in the third quarter of 2022, the government took action to address this issue by involving local security groups in pipeline surveillance as production dropped to around 900,000 barrels per day.
Moreover, there has been a notable rise in the number of oil rigs in Nigeria, nearing 30 recently, pointing towards an uptick in upstream activities within the oil and gas sector.
After a consistent increase in production over several months, Nigeria’s crude oil output, not including condensates, reached 1.42 million barrels per day in January, marking the first time in years it had reached this level.
