Nigeria’s crude oil revenue jumped to N11tn in the first six months of 2022, according to the latest data from the National Bureau of Statistics’ Foreign Trade Statistics for the second quarter of 2022. According to the report, this was an 83 per cent increase in crude oil earnings from N6tn recorded in the first half of 2021.
A breakdown of crude oil exports in the first half of 2022 showed that in the first quarter of the year, crude oil valued at N5.6tn was exported by the country, increasing to N5.9tn in the second quarter. In comparison, in the first quarter of 2021, the NBS said Nigeria earned N2tn from crude oil exports and N4trn in the second quarter.
Furthermore, in the third and fourth quarters of 2021, Nigeria recorded crude oil exports of N4tn and N4.3tn respectively. The NBS noted that crude oil exports in the first six months of 2022 accounted for 79 per cent of total exports in the period under review and 45 per cent of total trade in the same period under review and 45 per cent of total trade in the same period.
The NBS put Nigeria’s total trade in the first half of 2022 at N26tn, comprising N13tn and N13tn in the first and second quarters of the year, respectively, while total export trade for the first half of 2022 stood at N14tn, with N7tn and N7.4tn export recorded in the first and second quarter respectively. In the second quarter of 2022, crude oil ranked as the most exported commodity in the country, with 80 per cent of the country’s total export.
Professor of Economics and Public Policy at the University of Uyo, Akwa Ibom State, Akpan Ekpo, told The PUNCH during an interview that despite crude oil retaining 80 per cent of the total trade, Nigeria needed to diversify its economy as oil revenue was no longer reliable. “Oil prices are volatile, and we need to think of other ways to boost revenue,” he said.
On his part, partner at Bloomfield Law Practice, Ayodele Oni, said: “Plans need to be put in place to ensure that crude is not stolen. Our leaders need to be proactive and think outside the box. As we speak, many companies are already working on alternative structures for moving their crude to export terminals.
If we can sell more crude at this time when crude prices have increased in the international market, then it is good for our revenue, our balance of trade and payment,” he said.