Nigeria’s exports increased by 29.1 percent sequentially in the third quarter, as the value of crude oil exports rose by 30.9 percent on the quarter, the country’s National Bureau of Statistics (NBS)
Crude sales accounted for 84.2 percent of Nigeria’s exports in the third quarter, the statistics office said. India and the United States were the first and second-biggest markets for Nigerian crude oil sales, respectively.
Between July and September, the higher value of exports helped to cut part of Nigeria’s trade deficit as Africa’s biggest economy is struggling with oil-dependent export revenues and low oil prices.
Between July and September, militant activity in the Niger Delta continued to cripple Nigeria’s oil output. The production figures for this year so far are well below the
Just as Nigeria’s oil production had started to pick up in October, a wave of renewed attacks on the Forcados pipeline – which has the capacity to transport 150,000-200,000 bpd to an export terminal – shut the pipeline again, and dragged Nigeria’s
By Tsvetana Paraskova for Oilprice.com
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