Data from the Nigerian national Petroleum Corporation, NNPC revealed that Brazil has overtaken India as the largest buyer of Nigeria’s crude oil, spending $990.09 million, about N158.414 billion on the purchase of crude oil from Nigeria.
Data which showed activities in the oil and gas sector for March 2014 disclosed that Brazil purchased 9.442 million barrels of crude oil from Nigeria in the month under review.
Brazil’s increased demand for Nigeria’s crude, according to analysts, may be as a result of the football World Cup, which the South American nation hosted between June and July.
As at March, three months to the tournament, preparations were in top gear in Brazil, to ensure a successful hosting.
The analysts are of the view that Brazil will very likely remain the highest importer for Nigeria’s crude for May, June and July, when data for the periods are released by the NNPC.
India, on the other hand, purchased 8.56 million barrels of crude oil from Nigeria, estimated at $897.71 million, about N143.633 billion, using a crude price of $104.86 per barrel.
The Netherlands spent $825.56 million, about N7.873 billion on the purchase of 7.873 million barrels of crude oil from Nigeria; followed by Spain with the purchase of 6.638 million barrels of crude oil, estimated at $696.061 million, about N111.37 billion.
France purchased 4.015 million barrels of Nigeria’s crude; United Stated of America imported 3.892 million barrels, while Indonesia purchased 3.89 million barrels of crude oil from Nigeria.
Others are: South Africa 2.897 million barrels of crude oil, Germany 1.985 million barrels, and Cote D’Ivoire, which imported 1.62 million barrels of crude oil from Nigeria.
