Nigeria exported crude oil valued at N14.41 trillion in 2021, rising by 52.65 per cent from N9.445 trillion crude oil export earnings recorded in 2020, according to data released by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2021, disclosed that crude oil export accounted for 36.25 per cent and 76.21 per cent, respectively, of Nigeria’s total trade of N39.75 trillion and total export of N18.908 trillion in 2021.
In comparison, the NBS reported that in 2020, crude oil exports accounted for 37.44 per cent of total trade and 75.42 per cent of total exports.
Giving a breakdown of the country’s crude oil exports on a quarterly basis, the NBS disclosed that in the first quarter of 2021, crude oil valued at N2.043 trillion was exported; while in the second, third and fourth quarter of the year under review, crude oil valued at N4.072 trillion, N4.026 trillion and N4.269 trillion, respectively, were exported.
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