‘40% shortfall in Nigeria’s January crude oil revenue imminent’

Nigeria’s projected revenue for January from crude oil sale may suffer over 40 per cent drop as no fewer than 20 cargoes of Nigeria’s crude oil are currently awaiting buyers in the international market.

Reports showed that the nation’s crude has faced extremely tepid buying demand lately with about 20 unsold January-loading cargoes of the total 48 planned loadings.

This is even as the nation’s export capacity declined substantially, with current monthly volumes averaging just 1.2 million barrels per day representing the lowest recorded in over 12 months.

The unsold crude cargoes represent a 41.7 per cent unsold rate suggesting systematic market rejection rather than isolated buyer hesitation.

Meanwhile, the U.S. Mission has named Nigeria as the leading African exporter of crude oil to the United States between January and August 2025, shipping 33.23 million barrels valued at $2.57 billion.

According to the U.S. Mission, Nigeria’s crude shipments during the period accounted for more than half of all African crude oil exports to the United States, underscoring the country’s dominant position among African oil suppliers to the American market.

Highlighting the broader impact of the trade relationship, the U.S. Mission noted that the volume of crude oil exports reflects the strength of economic ties between both countries.

The U.S. Mission added that the robust trade relationship between Nigeria and the United States continues to generate economic benefits on both sides of the Atlantic.

“Our strong trade ties create jobs and drive prosperity on both sides of the Atlantic,” the statement said.