Nigeria earns n1 7 trillion crude oil export q2

According to recent reports, Nigeria earned a total of N1.7 trillion from crude oil exports in the second quarter (Q2) of 2022. This is a significant increase from the N1.2 trillion earned in the same period last year.

The Nigerian National Petroleum Company Limited (NNPC) reported that the country's crude oil exports in Q2 2022 averaged 1.34 million barrels per day (mb/d), with a total value of $3.4 billion (approximately N1.7 trillion).

The increase in revenue is attributed to the rise in global oil prices, which averaged $114 per barrel in Q2 2022, compared to $63 per barrel in the same period last year. Additionally, the country's oil production levels have also increased, with the NNPC reporting an average daily production of 1.34 mb/d in Q2 2022, compared to 1.23 mb/d in Q2 2021.

It's worth noting that the revenue earned from crude oil exports is a significant contributor to Nigeria's national income, and the country relies heavily on oil exports to fund its budget and development projects. However, the country is also working to diversify its economy and reduce its dependence on oil exports.

Here is a breakdown of Nigeria's crude oil exports in Q2 2022:

Source: Nigerian National Petroleum Company Limited (NNPC)