Nigeria generated over N5.9 trillion in the second quarter of 2022, an increase of 5.11 percent compared to N5.6 trillion recorded in the first quarter of 2022.
This was revealed in the National Bureau of Statistic’s (NBS) latest Foreign Trade in Goods Statistics Q2 2022.
Collins Obi, an energy expert said the increase in crude oil export revenue is connected to the high demand in the global market and the price increase in the same period.
“The disruptive effect of the war in Ukraine to supply chains and critical goods, including crude oil are factors to consider that contributed to the price increase of crude oil in the international market,” he said.
“Nigeria’s revenue earning from crude sales increased despite dwindling oil production levels.”
Chinedu Onyegbula, an energy sector expert and director, Bullox Resources Limited said Nigeria needs to keep exporting crude oil because it is not refining crude oil at the moment.
The Organization of Petroleum and Exporting Countries in its monthly oil production report for July revealed Nigeria’s oil production as 1.08 million barrels per day (bpd).
The oil cartel also noted that Nigeria lost 74,000 bpd in July. In addition, Angola produced more oil than Nigeria for three straight months, according to direct communication.
Despite the struggle with oil production for oil theft, and vandalism that lead to production shut-ins, the demand for crude oil made Nigeria acquire N5.9 trillion in crude oil revenue.
However, since the third quarter of 2021, sales of crude oil have shown a steady increase.