Nigeria’s Crude Oil Revenue Jumps To N11 Trillion

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Nigeria’s crude oil revenue jumped to N11tn in the first six months of 2022, according to the latest data from the National Bureau of Statistics’ Foreign Trade Statistics for the second quarter of 2022.
According to the report, this was an 83 per cent increase in crude oil earnings from N6tn recorded in the first half of 2021.
A breakdown of crude oil exports in the first half of 2022 showed that in the first quarter of the year, crude oil valued at N5.6tn was exported by the country, increasing to N5.9tn in the second quarter.
In comparison, in the first quarter of 2021, the NBS said Nigeria earned N2tn from crude oil exports and N4trn in the second quarter.
Furthermore, in the third and fourth quarters of 2021, Nigeria recorded crude oil exports of N4tn and N4.3tn respectively.
The NBS noted that crude oil exports in the first six months of 2022 accounted for 79 per cent of total exports in the period under review and 45 per cent of total trade in the same period.
The NBS put Nigeria’s total trade in the first half of 2022 at N26tn, comprising N13tn and N13tn in the first and second quarters of the year, respectively, while total export trade for the first half of 2022 stood at N14tn, with N7tn and N7.4tn export recorded in the first and second quarter respectively.
In the second quarter of 2022, crude oil ranked as the most exported commodity in the country, with 80 per cent of the country’s total export.