Nigeria continued to be one of Africa’s top exporters of crude oil in 2024, providing its premium petroleum to numerous nations worldwide.
Nigeria’s crude oil continued to be in high demand despite changes in global energy policies and volatility in oil prices.
Based on recent trade data from the National Bureau of Statistics (NBS), these are the top 10 purchasers of Nigerian crude oil this year.
The dynamics of Nigeria’s energy exports have changed, with the United States surpassing the Netherlands as the country’s largest importer of crude oil in the first nine months of 2024.
Between January and September 2024, the US bought N3.64 trillion worth of Nigerian crude, demonstrating its importance as a trading partner.
In 2024, Nigerian crude continued to find a steady demand in French refineries. Because Nigerian oil is compatible with the nation’s current refining infrastructure and has a comparatively smaller carbon impact than heavier crude grades, it was given priority.
Nigerian crude oil imports to France totalled N3.34 trillion, demonstrating the two countries close energy relations.
Spain expanded its imports from Nigeria as part of the European Union’s energy diversification plan to lessen its dependency on Middle Eastern supplies.
Spain continues to be a crucial European market for Nigeria’s oil exports, with imports of N3.02 trillion.
In 2024, the Netherlands, a significant European center for oil refining and redistribution, purchased large amounts of Nigerian petroleum. Most of this oil was either re-exported to other European countries or processed locally.
The Netherlands was Nigeria’s largest crude oil buyer last year. With a market value of N2.77 trillion in 2024, the Netherlands continued to be a major purchaser in the EU.
In order to manufacture higher-value refined products like gasoline and diesel for European markets, Italian refiners also expanded their intake of Nigerian crude, taking advantage of its quality.
Italy solidified its position as one of the top five purchasers of Nigerian crude by importing N2.64 trillion worth of it.
Canada, which bought N2.56 trillion worth of crude oil, came in sixth place, indicating strong demand in North America.
Indonesia imported N2.02 trillion worth of crude from Nigeria in the first nine months of 2024.
India, a large buyer of Nigerian crude historically, bought N1.57 trillion worth of oil in the first nine months of 2024, driven by its growing industrial sector and rising energy demands.
Nigerian light, sweet crude is preferred by the nation’s refineries due to its low sulfur level.
In 2024, Turkey became one of Nigeria’s expanding markets for crude. With crude oil imports of N1.57 trillion, Ivory Coast marched India, demonstrating the importance of west regional commerce.
With imports of N1.07 trillion, the UK completed the top 10 purchasers, reinforcing its trade relations with Nigeria.
