India, US, Spain Purchased N1.9trn Crude Oil From Nigeria
India, United States of America and Spain led other countries in patronage of Nigeria’s crude oil, spending a total of N1.9 trillion in the first nine-monthsof this year, according to data released by the National Bureau of Statistics, NBS.
NBS, in its Foreign Trade Statistics for the first, second and third quarters of 2016, also revealed that 12 other countries emerged top destinations for Nigeria’s crude oil grades, as they spent N3.245 trillion on the purchase of Nigeria’s crude oil in the period under review.
The other countries, according to the NBS reports are Netherlands, France, South Africa, Brazil, China, Italy and Japan. The rest are Canada, Indonesia, United Kingdom, Germany and the Ivory Coast.
Specifically, in the first quarter of 2016, the countries, with the exception of Ivory Coast, United Kingdom, Indonesia, Canada and Germany, staked N624.6 trillion on the purchase of Nigeria’s crude oil; while in the second quarter of 2016, with the exception of Ivory Coast, United Kingdom, Japan, China and Brazil, the countries purchased N1.3 trillion of Nigeria’s crude oil.
In the third quarter of 2016, the countries with the exception of Germany, China, Italy, Japan and Canada, purchased Nigeria’s crude oil valued at N1.34 trillion. The top three destinations for Nigeria’s crude oil export, India, US and Spain, accounted for 58.21 per cent of total crude oil purchased by the 15 countries in the nine-month period.