France, Spain, US lead Nigeria’s crude oil buyers in 2024
In 2024, Nigeria solidified its position as one of Africa’s top crude oil exporters, with its high-quality crude continuing to attract buyers globally despite fluctuating oil prices and evolving energy policies.
According to recent data from the National Bureau of Statistics (NBS), these were the top 10 buyers of Nigerian crude oil:
United States (₦3.64 trillion)
The US became the largest buyer of Nigerian crude in the first nine months of 2024, surpassing the Netherlands. Despite its reduced reliance on imported oil due to increased domestic production, the US remains a key market, particularly for Gulf Coast refineries designed to process light crude oil.
France (₦3.34 trillion)
France maintained its strong demand for Nigerian crude, owing to its compatibility with existing refining infrastructure and relatively lower carbon footprint.
Spain (₦3.02 trillion)
Spain boosted its Nigerian oil imports as part of the European Union’s energy diversification efforts, seeking to reduce reliance on Middle Eastern supplies.
Netherlands (₦2.77 trillion)
As a major hub for refining and redistribution, the Netherlands continued to import significant volumes of Nigerian crude. However, it was overtaken by the US as Nigeria’s largest buyer.
Italy (₦2.64 trillion)
Italy’s refiners increased their intake of Nigerian crude to produce high-value refined products like gasoline and diesel for European markets.
Canada (₦2.56 trillion)
Canadian demand for Nigerian crude remained robust, making the country a key North American partner.
Indonesia (₦2.02 trillion)
Indonesia emerged as a significant buyer, leveraging Nigerian crude’s light characteristics to meet industrial and energy needs.
India (₦1.57 trillion)
India, traditionally a major consumer of Nigerian crude, continued its strong demand due to its expanding industrial sector and refineries that prefer light, sweet crude.
Ivory Coast (₦1.57 trillion)
The Ivory Coast matched India’s imports, highlighting the regional significance of trade within West Africa.
United Kingdom (₦1.07 trillion)
The UK rounded out the list, reaffirming its strong economic ties with Nigeria.
Countries prefer Nigerian crude oil due to its high quality, classified as “light” and “sweet,” meaning it has low sulfur content. This quality makes it easier and less costly to refine, aligning with stringent environmental standards.
Low-sulfur crude like Nigeria’s produces higher yields of desirable refined products, including gasoline, diesel, and jet fuel, at lower production costs. These advantages ensure its strong position in global markets.
In August 2024, Nigeria introduced a new low-sulfur crude grade called Utapate to enhance its production capacity. The new grade, a collaboration between the Nigerian National Petroleum Company (NNPC) Limited and Natural Oilfield Services Limited, began exports in July. With a production rate of 19,000 barrels per day in June, it is projected to reach 50,000 barrels per day by the end of 2024.
This expansion reflects Nigeria’s ongoing efforts to maintain its relevance in the global energy market and boost daily crude production despite longstanding challenges.