Nigeria earned $206bn from petroleum export under Buhari administration – OPEC

Nigeria, the largest oil exporter in Africa, got revenue valued at $206.06billion from petroleum export from 2015 to 2019, the Organisation of Petroleum Exporting Countries has said.

The breakdown is contained in the organisation’s 2020 Annual Statistical Bulletin published on its site.

According to the publication, the country’s oil export revenue fell in 2016 to $27.29billion from $41.17billion in 2015, tipping Nigeria into recession.

Oil revenue later improved in 2017 to $37.98 billion and by the time Nigeria’s economy came out of recession in 2018, the revenue jumped to $54.51billion.

Although the revenue fell to $45.11billion last year, Nigeria was the fifth biggest revenue-earner in OPEC for the same year.

The four bigger earners ahead of Nigeria are Saudi Arabia ($202.37billion), Iraq ($80.03billion), Kuwait ($52.43billin) and the United Arab Emirates ($49.64billion).

The country also imported $265 billion worth of petroleum products.

Nigeria exports its crude oil to Europe, North America, Asia and Pacific, Latin America, Africa and Middle-East.

Last year, its export to Europe plunged to 680,600 barrels per day from 1.06 million bpd in 2018. Also export to North America fell to 27,500 bpd from 172,000 bpd.

However, export to Asia and the Pacific rose from 387.200bpd in 2018 to 664.900bpd in 2019. Also, Nigerian oil export to Latin America increased from 52.300 bpd in 2018 to 252.200 bpd last year.

Exports to Africa fell from 309.500 in 2018 to 260.700 in 2019. No export was recorded for Middle East in 2018 but 122.300bpd was exported in 2019.

The total volume of oil exported to North America slumped by 84 per cent to 27,500 bpd in 2019, while exports to Africa fell by 15.77 per cent to 260,700bpd.