Nigeria has solidified its position as a premier oil producer, supplying its crude to several countries globally.

• Nigeria is one of Africa's major crude oil exporters, supplying high-quality crude globally.

• Nigeria's crude oil production averaged 1.5 million barrels per day in 2024 despite challenges.

• US, France, Spain emerged top buyers of Nigeria’s crude in 2024

The country's crude oil, renowned for its exceptional quality and strategic advantages, remains highly sought after worldwide.

As Africa's leading oil producer, Nigeria's crude grades, such as Bonny Light and Qua Iboe, boast desirable characteristics that attract international buyers.

A notable milestone was achieved in July 2024 with the launch of the Utapate crude blend by NNPC Ltd and SEEPCO Ltd. The inaugural shipment of 950,000 barrels was delivered to Spain.

Nigeria's oil production in figures

In 2024, Nigeria emerged as one of Africa's top crude oil exporters, supplying high-quality crude to various countries globally.

The report, published by BusinessDay, highlights data from the National Bureau of Statistics (NBS) covering the period from January to September 2024.

According to S&P Global, the country averaged 1.5 million barrels per day in oil production during the period.

Despite challenges such as fluctuations in global oil prices, changing energy policies, and widespread oil theft, Nigeria's crude oil has remained in high demand.

The Nigerian National Petroleum Company Limited (NNPCL), under the leadership of Managing Director Mele Kyari, recently announced that Nigeria, along with its international partners, had increased crude oil and gas production to 1.8 million barrels per day (b/d) and 7.4 billion cubic feet per day (Bcf/d).

This achievement is attributed to the concerted efforts of the government, security forces, and joint venture partners to combat theft and sabotage

Nigeria's strategic geographic location along the West African coast enhances the appeal of its crude oil.

Being close to international shipping routes reduces transportation costs for importing countries.

This proximity is particularly advantageous for nations in Europe, the Americas, and parts of Asia, which rely on steady energy supplies to meet their industrial and domestic needs.

In the first nine months of 2024, the United States surpassed the Netherlands to become the top buyer of Nigerian crude, purchasing N3.64 trillion worth.

France followed in second place with N3.34 trillion in imports, driven by Nigerian oil's compatibility with its refining infrastructure.

Spain ranked third with imports valued at N3.02 trillion, as part of its strategy to diversify energy sources and reduce reliance on the Middle East.

Source: https://africa.businessinsider.com/local/markets/top-10-countries-that-purchased-nigerian-crude-in-2024/shmzkbn

Let the money show on development

Great100000:
Nigeria has solidified its position as a premier oil producer, supplying its crude to several countries globally.

• Nigeria is one of Africa's major crude oil exporters, supplying high-quality crude globally.

• Nigeria's crude oil production averaged 1.5 million barrels per day in 2024 despite challenges.

• US, France, Spain emerged top buyers of Nigeria’s crude in 2024

The country's crude oil, renowned for its exceptional quality and strategic advantages, remains highly sought after worldwide.

As Africa's leading oil producer, Nigeria's crude grades, such as Bonny Light and Qua Iboe, boast desirable characteristics that attract international buyers.

A notable milestone was achieved in July 2024 with the launch of the Utapate crude blend by NNPC Ltd and SEEPCO Ltd. The inaugural shipment of 950,000 barrels was delivered to Spain.

Nigeria's oil production in figures

In 2024, Nigeria emerged as one of Africa's top crude oil exporters, supplying high-quality crude to various countries globally.

The report, published by BusinessDay, highlights data from the National Bureau of Statistics (NBS) covering the period from January to September 2024.

According to S&P Global, the country averaged 1.5 million barrels per day in oil production during the period.

Despite challenges such as fluctuations in global oil prices, changing energy policies, and widespread oil theft, Nigeria's crude oil has remained in high demand.

The Nigerian National Petroleum Company Limited (NNPCL), under the leadership of Managing Director Mele Kyari, recently announced that Nigeria, along with its international partners, had increased crude oil and gas production to 1.8 million barrels per day (b/d) and 7.4 billion cubic feet per day (Bcf/d).

This achievement is attributed to the concerted efforts of the government, security forces, and joint venture partners to combat theft and sabotage

Nigeria's strategic geographic location along the West African coast enhances the appeal of its crude oil.

Being close to international shipping routes reduces transportation costs for importing countries.

This proximity is particularly advantageous for nations in Europe, the Americas, and parts of Asia, which rely on steady energy supplies to meet their industrial and domestic needs.

In the first nine months of 2024, the United States surpassed the Netherlands to become the top buyer of Nigerian crude, purchasing N3.64 trillion worth.

France followed in second place with N3.34 trillion in imports, driven by Nigerian oil's compatibility with its refining infrastructure.

Spain ranked third with imports valued at N3.02 trillion, as part of its strategy to diversify energy sources and reduce reliance on the Middle East.

Source: https://africa.businessinsider.com/local/markets/top-10-countries-that-purchased-nigerian-crude-in-2024/shmzkbn

And Igbo Obidients want Nigeria not to do business with France. Useless and brainless people. Your enemy can't be my enemy when he did me no wrong. Thank to Tinubu for his foresight. What he can only do, is to try and settle them and if the countries have made up their mind to part way with France, that is their cup of tea. When you people get Biafra, you can be parting ways with your suppose enemies.

So where did all the money go to? There absolutely nothing to brag about here. Small Ghana and Togo is doing better still.