Nigeria’s crude oil exports fell by a whopping 41.9% year-on-year in the first quarter of 2021.
This is according to data contained in the Central Bank of Nigeria’s balance of payment report.
Nigeria received in its current account, crude oil and gas export proceeds of $6.48 billion in the first quarter of 2021 compared to $11.1 billion in the corresponding period in 2020.
It also represents a 16.4% drop when compared to the $7.7 billion recorded in the 4th quarter of 2020.
Crude oil and gas export proceeds of $54.5 billion in 2019 made up about 84% of the government’s export earnings. However, crude oil and gas exports declined to $31.4 billion in 2020 as Covid-19 pandemic triggered a global economic lockdown crashing oil prices to below zero in the second quarter of 2020.