Nigeria exported 322 million barrels of crude oil valued at $17bn 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, said figures obtained from the Central Bank of Nigeria (CBN), the trio bought crude valued at N3.3tr 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. 140m barrels crude, representing 19.90 per cent of the total 705m was shipped to the Asian country. The country bought the highest crude of 20m barrels in April, followed by 18m barrels in July of the same year.
It was followed by the Netherlands with 109m barrels, representing 15.53 per cent, while Spain closed in with 73m 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 4.6bn 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 2.2m to 1.4m barrels.
