Nigeria's crude oil exports surge to ₦29 trillion in 2023, marking a record high
Crude oil exports, which made up 81% of Nigeria's export value in 2023 have increased in three consecutive years since 2021. After a 36% decline in 2020, exports increased by 53% in 2021, 46% in 2022, and 37% in 2023 to reach ₦29 trillion.
The world’s total proven recoverable crude oil reserves stand at 1.57 trillion barrels in 2024.
Venezuela, Saudi Arabia, and Iran collectively hold over 50% of these reserves, with 303.2B, 267.2B, and 208.6B barrels respectively.
Nigeria ranks 10th globally with 37.3 billion barrels, placing it ahead of other major producers like Kazakhstan, China, and Brazil.
The majority of the largest reserves are concentrated in Middle Eastern and South American countries, with only a few top holders located in North America, Africa, and Asia.