NBS: Nigeria Earned Over $195b Exporting Crude Oil

The National Bureau of Statistics has reported that Nigeria in 2021 made over N14.4 trillion selling crude to different countries around the world.

NBS disclosed this in its latest Foreign trade statistics report.

According to the report, crude oil sales accounted for 76.22 of the total exports made during the year under review

Additionally, Statistics from the Central Bank of Nigeria (CBN) also revealed that Nigeria earned about $195 billion exporting crude oil between 2017 and 2021.

The country produces more than one million barrels of crude oil a day, which is a far cry from previous production. Experts blame oil thefts and pipeline vandalism for the country’s waning oil export fortunes. Your support counts.

Nigeria has produced an average of 2.085 barrels of crude oil per day during the last ten years. In 2021, the country’s daily crude oil output was 1.48 million barrels per day, a 15% decrease from the year before.

In the 5 years that followed, average daily volumes of 1.7 million barrels per day of crude oil were exported which is 20 per cent lower than the 2.085 million barrels per day in 10 years.

Energy experts have blamed the decline on divestments from major oil-producing companies and massive capital expenditures which have stalled the recovery of the oil sector.

Reasons for production decline Others have also blamed the decline in oil production and oil thefts, the proliferation of illegal oil bunkering and pipeline vandalism.

In a recent tweet, Tony Elumelu, Chairman of UBA, stated that Nigeria has lost over 96 per cent of its oil to theft. He cited that Bonny Terminal, with 200,000 barrels per day capacity, receives a miserly 3,00 capacity which made oil giant, Shell divest its operations from Nigeria.

Former Seplat MD Austin Avuru says Nigeria’s oil production is in a crisis, stating that theft prevents production wells from receiving 80 percent of their production.