Nigeria reports $1.86bn oil export to India in Q4, 2021

India has remained one of the largest export markets for Nigeria, as report showed Nigeria exported crude oil worth N774.5 billion or ($1.86 billion) to India in the fourth quarter of 2021.

According to report the Nigeria Bureau of Statistics, NBS, crude oil was followed by exports of liquefied natural gas at NGN89.8 billion and liquefied petroleum gas otherwise known as cooking gas at NGN6.7 billion to India.

India remains one of the largest export markets for Nigeria and accounted for 15.2 per cent of total exports in the quarter, amounting to NGN874.9 billion, it said.

The NBS said Spain ranked second in the fourth quarter, with exports to the European country valued at NGN789.2 billion. Crude oil was the largest exported commodity to Spain worth NGN624 billion in the quarter.

Nigeria exported liquefied natural gas worth NGN159.8 billion to Spain in the fourth quarter, it said.

Also, Nigeria exported crude oil worth NGN383.6 billion to the Netherlands in the same quarter, according to the NBS.

Nigeria is Africa’s largest crude exporter. Oil exports account for more than 90 per cent of the country’s foreign exchange earnings and 70 per cent of government revenue, according to the International Monetary Fund.