Crude oil exports from Nigeria: data, top buyers and prices
Nigeria exported $40.54 billion of crude oil in 2024 (65.40 million tonnes). It ranks 10th of 138 countries for exports of this product. That is 11% less than in 2023. Across 2017-2024 the long-run trend was broadly stable. The peak in this period was 2022, at $52.43 billion.
Public statistics, latest complete year (2024). Values in US dollars. Page updated .
Exports by year, 2017-2024
Hover or tap a year for detail.
Year by year
| Year | Value | Quantity |
|---|---|---|
| 2024 | $40.54B | 65.40M t |
| 2023 | $45.34B | 71.46M t |
| 2022 | $52.43B | 66.51M t |
| 2021 | $41.12B | 80.42M t |
| 2020 | $29.22B | 80.71M t |
| 2019 | $45.55B | 90.95M t |
| 2018 | $48.14B | 87.45M t |
| 2017 | $33.53B | 81.64M t |
Where Nigeria exports crude oil to
Most of it went to Spain (12%), United States (11%), France (10%). Trade is spread widely: the top three buyer markets together make up only 33%. Among the main buyer markets, India grew fastest (+39% on the year before).
| Destination | Value | Share |
|---|---|---|
| Spain | $4.72B | 12% |
| United States | $4.36B | 11% |
| France | $4.21B | 10% |
| India | $4.05B | 10% |
| Indonesia | $2.56B | 6.3% |
| South Africa | $2.45B | 6.1% |
| Cote d'Ivoire | $2.16B | 5.3% |
| Italy | $1.99B | 4.9% |
| Netherlands | $1.96B | 4.8% |
| Germany | $1.45B | 3.6% |
Average export price per kg
The average declared value was about $0.62 per kg, close to the world average of $0.54.
Declared value divided by weight, all 2024 shipments. Prices per shipment and per company are in EximDataX.
Crude oil imports to Nigeria
Imports of crude oil by Nigeria reached $1.21 billion in 2024 (2.38 million tonnes). One supplier dominates: United States accounted for 100% of the value.
| Supplier country | Value | Share |
|---|---|---|
| United States | $1.21B | 100% |
Who is behind these numbers in Nigeria?
The shipment records behind Nigeria crude oil exports (HS 2709): companies, dates, quantities and declared values.
Shipment records are in the platform
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Direct customs feed: shipment-level records from the official customs source.
Source: CEPII BACI (reconciled UN Comtrade data), HS 2017 edition, release 202601, Etalab Open Licence 2.0. Annual values in US dollars at the customs border; quantities in tonnes where reported. HS 2709: Petroleum oils and oils obtained from bituminous minerals; crude.
Common questions
What is the value of crude oil exported by Nigeria?
Nigeria exported crude oil worth $40.54 billion in 2024, the latest year with complete public data, about 65.40 million tonnes. That ranks it 10th of 138 countries worldwide, with 3% of world exports. The value was down 11% on 2023.
Which countries buy crude oil from Nigeria?
Spain was the largest buyer with 12% of the value ($4.72 billion), followed by the United States (11%) and France (10%). The top three together account for 33%, out of 37 buyer countries in total. India grew fastest among the top ten, up 39% on the year.
What is the average export price of crude oil per kg?
The average declared export value was about $0.62 per kg in 2024, 15% above the world average of $0.54 per kg. Because it averages all grades and sizes, treat the figure as a market benchmark, not a price offer.
How have exports of crude oil from Nigeria changed since 2017?
Exports went from $33.53 billion in 2017 to $40.54 billion in 2024, an increase of 21%. The peak was 2022 at $52.43 billion. Over 8 years the average was $41.98 billion a year.
Does Nigeria also import crude oil?
Yes. Nigeria imported $1.21 billion worth of this product in 2024, mainly from the United States. On balance Nigeria is a net exporter of this product, by about $39.32 billion a year.
What is the HS code for crude oil?
The HS code for crude oil is heading 2709. In Nigeria all of this trade was declared under the six-digit code 2709.00. It sits in HS chapter 27 (mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes). The full list of codes and descriptions is on the HS 2709 page.
How can I find the companies behind this trade?
EximDataX has a direct customs feed for Nigeria, so the importers and exporters behind these totals are visible by name, shipment by shipment. Ask for a live look at your product.
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