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Crude oil: India tops Nigeria’s export destination Q3 2020

India in the third quarter of last year topped list of crude oil export destinations of Nigeria, according to newly released data from the Africa’s largest economy bourse, NBS.

The Nigerian Bureau of Statistics in its Commodity Price Indices and Terms of Trade, Q3 2020 said the dormant export commodity from Nigeria to India was crude oil valued at N444.9 billion.

While crude oil export from Nigeria to India was put at almost N445 billion, however, all export trade to India was valued at N500.6 billion or 16.73% of the value of total exports in the quarter under review.

This was followed by export of Liquefied Natural Gas, LNG at N49billion in the third quarter.

To Spain in Q3, 2020 petroleum oils and oils obtained from bituminous minerals, crude, valued at N282.8 billion topped the list of export from Nigeria. This was followed by LNG worth N42.6 billion.

In Q3 2020, the dominant export commodity to the Netherlands was also petroleum oils and oils obtained from bituminous minerals, crude (N216.7billion). Export of LNG came second on the export list from Nigeria at N2.2 billion.

Turkey was also among Nigeria’s leading trading partners in the third quarter of 2020. Exports to Turkey were valued at N150 billion or 5%, largely dominated by petroleum oils and oils obtained from bituminous minerals, and crude oil (worth N138.75 billion). This was followed by LNG valued at N9.68billion.

In Q3 2020, Nigeria’s export trade with China was dominated by petroleum oils and oils obtained from bituminous minerals and crude which accounted for N64.1billion of exports. This was followed by LNG at N22.5billion, including other petroleum gases in gaseous state valued at N16.2billion.

SOURCE: sweetcrudereport.com

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