Nigeria has reinforced its position as a leading oil producer, supplying high-quality crude oil to various countries globally. According to recent data from the National Bureau of Statistics (NBS), the country's crude oil production averaged 1.5 million barrels per day in 2024, despite challenges such as fluctuations in global oil prices, changing energy policies, and widespread oil theft.

The country's crude grades, such as Bonny Light and Qua Iboe, boast desirable characteristics that attract international buyers. In July 2024, the Nigerian National Petroleum Company Limited (NNPCL) and SEEPCO Ltd launched the Utapate crude blend, with the inaugural shipment of 950,000 barrels delivered to Spain. This milestone highlights Nigeria's strategic geographic location along the West African coast, which enhances the appeal of its crude oil by reducing transportation costs for importing countries.

The top 10 countries that purchased Nigerian crude in 2024 were led by the United States, France, and Spain. The US surpassed the Netherlands to become the top buyer, purchasing N3.64 trillion worth of Nigerian crude. France followed in second place with N3.34 trillion in imports, driven by Nigerian oil's compatibility with its refining infrastructure. Spain ranked third with imports valued at N3.02 trillion, as part of its strategy to diversify energy sources and reduce reliance on the Middle East.

The Nigerian National Petroleum Company Limited (NNPCL), under the leadership of Managing Director Mele Kyari, recently announced that Nigeria, along with its international partners, had increased crude oil and gas production to 1.8 million barrels per day (b/d) and 7.4 billion cubic feet per day (Bcf/d). This achievement is attributed to the concerted efforts of the government, security forces, and joint venture partners to combat theft and sabotage.

Despite challenges, Nigeria's crude oil has remained in high demand. The country's oil production in figures shows that it has emerged as one of Africa's top crude oil exporters, supplying high-quality crude to various countries globally. The report, published by BusinessDay, highlights data from the National Bureau of Statistics (NBS) covering the period from January to September 2024.

The implications of Nigeria's solidified position as a premier oil producer are far-reaching. The country's strategic location and high-quality crude oil make it an attractive partner for countries seeking to diversify their energy sources. As the global energy landscape continues to evolve, Nigeria is poised to play a significant role in meeting the world's growing energy demands.

In conclusion, Nigeria's crude oil production and export figures for 2024 demonstrate the country's resilience and commitment to maintaining its position as a leading oil producer. As the global energy landscape continues to shift, Nigeria's strategic advantages and high-quality crude oil make it an attractive partner for countries seeking to secure their energy future.