Nigeria’s earnings from crude oil exports soared by 50.2% in the first quarter of 2024, reaching N15.4 trillion, according to data released by the Nigeria Bureau of Statistics (NBS).
The latest figures indicate a substantial increase from N10.3 trillion recorded in the previous quarter, highlighting the robust performance of Nigeria’s oil sector in early 2024. The report underscores the critical role of crude oil as Nigeria’s primary export commodity, responsible for 88% of the country’s total export earnings during this period.
Commenting on the surge in earnings, an NBS spokesperson stated, “The first quarter of 2024 saw a remarkable increase in Nigeria’s crude oil export revenues, reflecting both higher oil prices and increased export volumes.”
The data further revealed that Nigeria’s total exports, including non-oil commodities, rose by 51% to N19.1 trillion in Q1 2024, compared to N12.6 trillion in the previous quarter. Non-crude oil exports contributed N3.6 trillion to the total, marking a slight improvement from N1.7 trillion recorded in Q4 2023.
One of the contributing factors to the increase in crude oil exports was the depreciation of the naira earlier in the year, which bolstered earnings despite relatively stable crude oil production levels. Nigeria’s crude oil output stood at 1.23 million barrels per day (bpd) as of March 2024, according to OPEC data, which has not seen significant growth since the beginning of the year.
President Tinubu’s administration has been proactive in addressing challenges facing the oil sector, including insecurity and oil theft in the Niger Delta region. The government has issued executive orders aimed at attracting investment and fast-tracking approval processes for oil majors to stimulate exploration and production activities.
Looking ahead, stakeholders are optimistic about Nigeria’s economic prospects, particularly in the oil sector, despite ongoing challenges. The government’s strategic initiatives and global market conditions are expected to play crucial roles in sustaining growth and stability in the coming quarters.
The NBS report did not provide specific data volumes but emphasized the positive impact of increased crude oil earnings on Nigeria’s overall economic outlook for 2024.