May 21, 2013

Nigeria earns N2.6trn from crude export in 3 months


Nigeria earned about $16.609 billion (N2.641 trillion) from the export of crude oil in three months — between January and March 2013, according to data released by the Central Bank of Nigeria, CBN.

Putting the average price of Nigeria’s reference crude, the Bonny Light crude for the period at US$115.34 per barrel, the CBN, in its first quarter 2013 economic report, also revealed that the country earned about $4.671 billion (N742.732 billion) from the sale of 40.5 million barrel of crude oil for domestic consumption in the first quarter of the 2013.

Furthermore, Nigeria garnered about $21.28 billion (N3.384 trillion) from total crude oil production of 184.5 million barrels in the period under review, compared to $21.223 billion (N3.374 trillion) recorded in the preceding quarter — October to December 2012.

According to the report, Nigeria’s crude oil production, including condensates and natural gas liquids, was estimated at 2.05 million barrels per day (mbd) or 184.5 million barrels during the first quarter of 2013, compared with 2.00 mbd or 184.0 million barrels in the preceding quarter.

The report further stated that crude oil export was estimated at 1.60 mbd or 144.0 million barrels in the review period, representing an increase of 3.2 per cent over the 1.55 mbd or 139.5 million barrels recorded in the preceding quarter.

The report added that allocation of crude oil for domestic consumption was 0.45 mbd or 40.5 million barrels during the period under review.

The CBN attributed the increase in crude oil production and export to the repair of damaged oil installations and improvement in security and surveillance of oil installations.

The report noted that oil sector receipts in the period under review stood at $10.01 billion (N1.592 trillion), accounting for 29.1 per cent of the total foreign exchange inflow to the economy of US$34.47 billion (N5.481 trillion), compared to

This, according to the CBN, is in comparison to US$10.09 billion and US$11.63 billion in the preceding quarter and corresponding quarter of 2012.

The report said, “Provisional data on foreign exchange flows through the CBN showed that inflow during the first quarter of 2013 amounted to US$10.50 billion.”