November 14, 2024
Nigeria’s Oil Exports Rose By 60.8% In Q3 Of 2023
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Nigeria’s Oil Exports Rose By 60.8% In Q3 Of 2023

The Organisation Of Petroleum Exporting Countries, OPEC, says oil exports in Nigeria grew by 60.8% in the third quarter of 2023.

In its Monthly Oil Report, OPEC also says throughout Q3 of 2023, imports soared by 47.7%, resulting in a trade surplus of NGN1.88 billion in that period. 

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It also revealed that exports rose by 115%, year-on-year, reaching an unprecedented high of NGN3.86 billion, while imports surged by 34.5% to NGN2.42 billion.

Nigeria’s current oil output is below the nation’s 2024 budget target of 1.78million barrels per day, with the budget heavily dependent on proceeds from crude sales.

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