In 2024, Nigeria stayed strong as one of Africa’s top oil exporters, selling high-quality crude oil to countries worldwide despite challenges like fluctuating global oil prices and shifting energy policies.
According to the National Bureau of Statistics (NBS), here are the top 10 countries that bought the most Nigerian crude oil this year:
1. United States – N3.64 Trillion
The US became Nigeria’s biggest buyer in 2024, overtaking the Netherlands. From January to September, the US purchased N3.64 trillion worth of Nigerian crude, which is crucial for its Gulf Coast refineries that process light oil.
2. France – N3.34 Trillion
France consistently imported Nigerian crude, valuing it for its compatibility with local refineries and lower environmental impact.
3. Spain – N3.02 Trillion
Spain increased its imports from Nigeria as part of the EU’s energy diversification strategy, focusing on reducing dependence on Middle Eastern oil.
4. Netherlands – N2.77 Trillion
The Netherlands, a key oil refining hub, remained a major buyer. Although it lost its top spot to the US, it still accounted for N2.77 trillion in Nigerian oil imports.
5. Italy – N2.64 Trillion
Italy relied on Nigerian crude for producing high-value fuels like gasoline and diesel.
6. Canada – N2.56 Trillion
Canada demonstrated robust demand for Nigerian crude, securing its position among the top buyers.
7. Indonesia – N2.02 Trillion
Indonesia relied on Nigeria’s light crude for its advanced refineries, which require low-sulphur oil.
8. India – N1.57 Trillion
India’s growing energy needs made it a significant customer, purchasing oil worth N1.57 trillion.
9. Ivory Coast – N1.57 Trillion
Ivory Coast matched India in oil purchases, highlighting strong regional trade ties within West Africa.
10. United Kingdom – N1.07 Trillion
The UK rounded off the list with N1.07 trillion in imports, reflecting its ongoing economic relationship with Nigeria.
Why Nigerian Crude Oil is in Demand
Nigeria’s oil is classified as “light” and “sweet” because it has low sulfur content, making it cheaper and easier to refine. These qualities make it attractive to refineries focused on meeting strict environmental standards while producing high-value products like gasoline, diesel, and jet fuel.
New Oil Grade Introduced in 2024
In 2024, Nigeria introduced a new crude grade called “Utapate.” By June, it produced about 19,000 barrels daily, with projections to reach 50,000 barrels per day by year-end.
Despite global challenges, Nigeria continues to be a crucial player in the global oil market, leveraging the quality and efficiency of its crude to remain competitive.