According to the latest statistics from the National Bureau of Statistics’ Foreign Trade Statistics for the second quarter of 2022, Nigeria’s crude oil earnings increased to N11 trillion in the first six months of 2022.
According to the research, this represents an 83% rise in crude oil earnings from N6tn in the first half of 2021. A breakdown of crude oil exports in the first half of 2022 revealed that the country exported crude oil worth N5.6tn in the first quarter of the year, increasing to N5.9tn in the second quarter.
In comparison, the NBS said that Nigeria earned N2 trillion from crude oil exports in the first quarter of 2021, and N4 trillion in the second quarter. Furthermore, in the third and fourth quarters of 2021, Nigeria recorded crude oil exports of N4tn and N4.3tn respectively.
The NBS noted that crude oil exports in the first six months of 2022 accounted for 79 per cent of total exports in the period under review and 45 per cent of total trade in the same period.
The NBS put Nigeria’s total trade in the first half of 2022 at N26tn, comprising N13tn and N13tn in the first and second quarters of the year, respectively, while total export trade for the first half of 2022 stood at N14tn, with N7tn and N7.4tn export recorded in the first and second quarter respectively.
In the second quarter of 2022, crude oil ranked as the most exported commodity in the country, with 80 per cent of the country’s total export.
Reacting, partner at Bloomfield Law Practice, Ayodele Oni, said: “Plans need to be put in place to ensure that crude is not stolen. Our leaders need to be proactive and think outside the box. As we speak, many companies are already working on alternative structures for moving their crude to export terminals.
“If we can sell more crude at this time when crude prices have increased in the international market, then it is good for our revenue, our balance of trade and payment,” he said.
