By Michael Eboh
Barring other arrangements and deductions, Nigeria earned $74.512 billion, about N14.902 trillion, from crude oil export in 2014, according to data released by the Nigerian National Petroleum Corporation, NNPC. The NNPC, in its 2014 Annual Statistical Bulletin, revealed that the amount was earned by NNPC and other oil and gas companies in the country, which exported about 773.833 million barrels of crude to different regions of the world.
The amount is more than three times the N4.425 trillion budgeted by the Federal Government for 2015. It is also more than the combined budget of the Federal Government from 2013 to 2015, comprising N4.92 trillion for 2013; N4.6 trillion in 2014 and N4.425 trillion in 2015 respectively.
Using the OPEC’s Reference Basket which puts the average yearly basket price of crude oil for 2014 at $96.29 per barrel, the export of 773.833 million barrels of crude translated to $74.512 billion, an equivalent of N14.902 trillion.
Of the total amount, the report noted that the NNPC earned $26.077 billion, an equivalent of N5.215 trillion from the export of 270.819 million barrels of crude oil in 2014.
The NNPC report further revealed that the highest buyers India, Netherlands and Brazil, spent $30.672 billion, about N6.134 trillion on importing Nigeria’s crude oil in 2014. Specifically, the three countries purchased 318.534 million barrels of crude oil from Nigeria, accounting for 41.16 per cent of Nigeria’s crude oil export as shown below:
- India – $13.136 billion, about N2.627 trillion for 136.42 million barrels.
- Netherlands – $9.817 billion or N1.963 trillion for 101.954 million barrels
- Brazil – $7.719 billion, about N1.544 trillion for 80.16 million barrels
Export to other countries
In addition to the top buyers, Nigeria exported its crude to other countries including:
- Spain – 79.648 million barrels
- South Africa – 51.149 million barrels
- France – 49.384 million barrels
- Italy – 35.39 million barrels;
- Indonesia – 35.137 million barrels;
- United Kingdom – 31.488 million barrels
Contrary to claims that the United States had stopped importing Nigeria’s crude, the report showed that it imported about 24.048 million barrels in 2014.
Export to regions
Analysis of Nigeria’s crude oil export by regions showed as follows:
- Europe – 354.545 million barrels, 45.82%
- Asia and Far East – 193.267 million barrels, 24.98%
- African – 97.874 million barrels, 12.65%
- South America – 90.664 million barrels, 11.72%, and,
- North America – 27.094 million barrels, 3.5%
In general, the NNPC stated that, “A total of 796.654 million barrels, representing 2.18 million barrels per day of crude oil and condensate was lifted for domestic and export purposes, showing a slight decrease of 0.46 per cent against 2013 figures. “Of the total quantity, NNPC lifted 349.721 million barrels of crude oil, representing 42.86 per cent of the total, averaging 958,141 barrels per day for both domestic utilisation and export.”