Report Update Nov 1, 2024

Nigeria - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Crude Oil Market 2024

Crude Oil Market Size in Nigeria

The Nigerien crude oil market contracted to $X in 2022, dropping by -14.5% against the previous year. In general, consumption saw a abrupt downturn. As a result, consumption reached the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Crude Oil Production in Nigeria

In value terms, crude oil production fell to $X in 2022 estimated in export price. Over the period under review, production saw a deep slump. The pace of growth was the most pronounced in 2017 with an increase of 32%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Crude Oil Exports

Exports from Nigeria

In 2022, crude oil exports from Nigeria shrank remarkably to X tons, waning by -20.8% compared with the year before. Overall, exports saw a perceptible contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 37%. As a result, the exports reached the peak of X tons, and then reduced sharply in the following year.

In value terms, crude oil exports contracted remarkably to $X in 2022. In general, exports saw a abrupt setback. The pace of growth was the most pronounced in 2018 when exports increased by 38%. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

India (X tons), Spain (X tons) and the United States (X tons) were the main destinations of crude oil exports from Nigeria, with a combined 27% share of total exports. The Netherlands, France, South Africa, Germany, Italy, the UK, Sweden, Canada, Brazil and Portugal lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Portugal (with a CAGR of +7.6%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X), Spain ($X) and the Netherlands ($X) constituted the largest markets for crude oil exported from Nigeria worldwide, with a combined 26% share of total exports. France, the United States, South Africa, Germany, Italy, Sweden, the UK, Canada, Brazil and Portugal lagged somewhat behind, together accounting for a further 29%.

Portugal, with a CAGR of -1.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average crude oil export price amounted to $X per ton, approximately mirroring the previous year. Over the period under review, the export price showed a abrupt shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by 32% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Sweden ($X per ton) and France ($X per ton), while the average price for exports to the United States ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (-7.4%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Nigeria

In 2022, approx. X tons of crude petroleum oil were imported into Nigeria; almost unchanged from 2021 figures. Overall, imports faced a dramatic decrease. The pace of growth was the most pronounced in 2018 when imports increased by 321% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, crude oil imports totaled $X in 2022. Over the period under review, imports saw a sharp reduction. The most prominent rate of growth was recorded in 2015 with an increase of 87% against the previous year. Imports peaked at $X in 2016; however, from 2017 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Slovenia (X kg) constituted the largest crude oil supplier to Nigeria, accounting for a approx. 50% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Slovenia was relatively modest.

In value terms, Slovenia ($X) constituted the largest supplier of crude petroleum oil to Nigeria.

From 2012 to 2022, the average annual rate of growth in terms of value from Slovenia was relatively modest.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, approximately reflecting the previous year. Overall, the import price continues to indicate a pronounced reduction. The growth pace was the most rapid in 2019 when the average import price increased by 173%. The import price peaked at $X per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

As there is only one major supplying country, the average price level is determined by prices for Slovenia.

From 2012 to 2022, the rate of growth in terms of prices for the UK amounted to +6.5% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, together accounting for 45% of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together comprising a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, with a combined 42% share of global production.

What are the leading suppliers of crude petroleum oil to Nigeria?

In value terms, the United States constituted the largest supplier of crude oil to Nigeria.

What are the leading importers of crude petroleum oil from Nigeria?

In value terms, India, Spain and South Africa constituted the largest markets for crude oil exported from Nigeria worldwide, together accounting for 40% of total exports. These countries were followed by the United States, the Netherlands, France, Italy, Canada, Indonesia, the UK, Cote d'Ivoire, China and Togo, which together accounted for a further 39%.

What is the average export price for crude petroleum oil in Nigeria?

In 2021, the average crude oil export price amounted to $422 per ton, increasing by 19% against the previous year.

What is the average import price for crude petroleum oil in Nigeria?

The average crude oil import price stood at $97 per ton in 2021, jumping by 16% against the previous year.

This report provides an in-depth analysis of the crude oil market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023