Nigeria's Crude Exports Reap Estimated N24tn in Six Months

Nigeria's crude oil exports generated an estimated N24.02tn in revenue over the first six months of this year, according to a recent analysis by The PUNCH. This figure represents a significant increase from previous periods, driven largely by higher international oil prices rather than increased export volumes.

The country produced around 263.65 million barrels of crude during the period, with an estimated market value of N34.69tn. However, only about 69% of this production was exported, leaving approximately 81.45 million barrels available for domestic refining and other uses.

The Nigerian National Petroleum Company Limited, along with international and indigenous oil producers, were responsible for the exports. Stakeholders have raised concerns over the country's continued reliance on crude exports as its biggest source of foreign exchange, despite challenges in ensuring adequate feedstock for local refineries.