Nigeria: Petroleum Market 2020

Petroleum Market Size in Nigeria

The revenue of the petroleum market in Nigeria amounted to $X in 2017, dropping by -X% against the previous year. Overall, petroleum consumption continues to indicate an abrupt drop. The growth pace was the most rapid in 2011, with an increase of X% against the previous year. Over the period under review, the petroleum market reached its peak figure level of $X in 2012; however, from 2013 to 2017, it stood at a somewhat lower level.

Petroleum Production in Nigeria

Petroleum production in Nigeria stood at X tonnes in 2017, coming down by -X% against the previous year. Overall, petroleum production continues to indicate a measured curtailment. The pace of growth appeared the most rapid in 2010, with an increase of X% year-to-year. Over the period under review, the petroleum production attained its maximum volume of X tonnes in 2011; however, from 2012 to 2017, it failed to regain its momentum.

Petroleum Exports from Nigeria

In 2017, approx. X tonnes of petroleum were exported from Nigeria; picking up by X% against the previous year. Overall, petroleum exports continue to indicate an outstanding growth. The pace of growth was the most pronounced in 2017, when it surged by X% y-o-y. In that year, the petroleum exports attained their peak volume, and are likely to continue its growth in the immediate term.

In value terms, petroleum exports amounted to $X in 2017. Overall, petroleum exports continue to indicate an outstanding expansion. In that year, the petroleum exports attained their peak level, and are likely to continue its growth in the immediate term.

Petroleum Exports by Country from Nigeria

In 2017, the U.S. (X tonnes), followed by Russia (X tonnes), Singapore (X tonnes), the Netherlands (X tonnes), South Korea (X tonnes) and India (X tonnes) represented the largest exporters of petroleum, together mixed up X% of total exports. China (X tonnes), Belgium (X tonnes), Saudi Arabia (X tonnes), the United Arab Emirates (X tonnes), Canada (X tonnes) and Malaysia (X tonnes) took the minor share of total exports.

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Nigeria (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum markets worldwide were the U.S. ($X), Russia ($X) and Singapore ($X), together comprising X% of total exports. These countries were followed by the Netherlands, India, South Korea, Belgium, China, the United Arab Emirates, Saudi Arabia, Malaysia, Canada and Nigeria, which together accounted for a further X%.

Nigeria (+X% per year) recorded the highest rates of growth with regard to exports, in terms of the main exporting countries over the last decade, while the other leaders experienced more modest paces of growth.

Petroleum Export Prices by Country in Nigeria

In 2017, the petroleum export price in Nigeria amounted to $X per tonne, increasing by X% against the previous year. In general, petroleum export price continues to indicate a measured contraction. The most prominent rate of growth was recorded in 2017, when the export prices increased by X% against the previous year. Over the period under review, the export prices for petroleum reached its peak figure level of $X per tonne in 2007; however, from 2008 to 2017, it stood at a somewhat lower level.

There were significant differences in the average export prices amongst the major exporting countries. In 2017, the country with the highest export price was the United Arab Emirates ($X per tonne), while the U.S. ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by the United Arab Emirates (+X% per year), while the other leaders experienced more modest paces of growth.

Petroleum Imports into Nigeria

In 2017, petroleum imports into Nigeria amounted to X tonnes, waning by -X% against the previous year. In general, petroleum imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2015, when it surged by X% y-o-y. Over the period under review, the petroleum imports attained its maximum volume of X tonnes in 2016, and then declined slightly in the following year.

In value terms, petroleum imports amounted to $X in 2017. Overall, the total imports indicated a prominent increase from 2007 to 2017: its value increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on 2017 figures, the petroleum imports increased by +X% against 2014 indices. Over the period under review, the petroleum imports reached its maximum level of $X in 2016, and then declined slightly in the following year.

Petroleum Imports by Country into Nigeria

The U.S. (X tonnes) and Singapore (X tonnes) were the main importers of petroleum in 2017, reaching near X% and X% of total imports, respectively. It was followed by the Netherlands (X tonnes), committing X% share of total imports. The following importers - Mexico (X tonnes), Belgium (X tonnes), Germany (X tonnes), Malaysia (X tonnes), France (X tonnes), China (X tonnes), the UK (X tonnes), Indonesia (X tonnes) and Canada (X tonnes) together made up X% of total imports.

From 2007 to 2017, the most notable rate of growth in terms of imports, amongst the main importing countries, was attained by Malaysia (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, the largest petroleum markets worldwide were the U.S. ($X), Singapore ($X) and the Netherlands ($X), with a combined X% share of total imports. These countries were followed by Mexico, Germany, Belgium, France, the UK, Malaysia, Indonesia, China, Canada and Nigeria, which together accounted for a further X%.

Malaysia (+X% per year) experienced the highest rates of growth with regard to imports, in terms of the main importing countries over the last decade, while the other leaders experienced more modest paces of growth.

Petroleum Import Prices by Country in Nigeria

The petroleum import price in Nigeria stood at $X per tonne in 2017, picking up by X% against the previous year. Overall, petroleum import price continues to indicate a mild reduction. The most prominent rate of growth was recorded in 2008, when the import prices increased by X% year-to-year. Over the period under review, the import prices for petroleum reached its maximum level of $X per tonne in 2014; however, from 2015 to 2017, it failed to regain its momentum.

Average import prices varied somewhat amongst the major importing countries. In 2017, major importing countries recorded the following import prices: in the UK ($X per tonne) and Germany ($X per tonne), while China ($X per tonne) and Canada ($X per tonne) were amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Singapore (+X% per year), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform