April 1, 2023

Brand Spur Nigeria reports that Nigeria has recorded N16 trillion from crude oil sales between January and September 2022.

The oil sales recorded by the Nigerian National Petroleum Company (NNPC) Limited is captured in the foreign trade report released by the National Bureau of Statistics (NBS).

Despite the huge oil sales, Godwin Emefiele, governor of CBN, last month said foreign exchange receipt from crude oil sales into Nigeria’s official reserves has dried up steadily from above $3 billion monthly in 2014 to $0 today.

According to data gathered, NBS Nigeria earned N5.6 trillion in the first quarter, N5.9 trillion in the second quarter and N4.6 trillion in the third quarter of 2022.

NBS data show that the value of crude oil exports in Q3 rose by 16 per cent compared to N4 trillion recorded in the corresponding period last year.

On a quarter-to-quarter analysis, it reduced by 21 per cent from N5.9 trillion in Q2 2022.


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