Export value of crude oil from Nigeria 2020-2023, by region
Between April and June 2023, Nigeria exported some 5.6 trillion Nigerian naira (NGN) of crude oil, roughly seven billion U.S. dollars. Europe and Asia are Nigeria's main trade partners for crude oil exports. In the fourth quarter of 2023, crude oil exported to Europe amounted to about 2.64 trillion NGN, while exports to Asia followed with around 1.2 trillion NGN. Overall, the exports of crude oil experienced an increase in the said period. Oil exports represent Nigeria's main source of exports. Generally, the country's economy was significantly impacted by the COVID-19 pandemic.
