Crude oil accounts for 80% of Nigeria's exports in Q2

In the second quarter of this year, crude oil accounted for a staggering 80% of Nigeria's total export trade, contributing over 4 trillion dollars in value. This significant increase in value has been attributed to countries like India, the Netherlands, and Spain, who emerged as major buyers of Nigeria's crude oil. Luke Afojabe, an oil and gas analyst at Vetiva Research, shared insights on this remarkable development in an interview with CNBC Africa. According to Afojabe, the surge in Nigeria's crude oil exports presents a promising outlook for the country's oil and gas sector. Despite facing operational challenges that impacted production levels in the past quarter, Nigeria remains steadfast in its commitment to increasing oil output. The interview further delved into the implications of OPEC's decision to boost oil production and the effects of global demand on Nigeria's oil industry. Afojabe highlighted the importance of monitoring market dynamics, particularly in the wake of uncertain oil demand projections. The conversation also touched upon the implications of the Petroleum Industry Act on Nigeria's oil sector. While acknowledged as a positive step, it was noted that the full benefits of the act may take several years to materialize. Overall, the resilience of Nigeria's oil exports in the face of challenges underscores the country's pivotal role in the global energy market.