Nigeria could lose its biggest crude market to Saudi Arabia

, Magazine

The world’s third largest crude producer – Saudi Arabia, is seriously ‘courting’ India, which also happens to be Nigeria’s biggest crude market.

Saudi’s Crown Prince, Mohammed bin Salman, last week visited New Delhi where he met with India’s Prime Minister Modi, for crucial talks in investing in India’s energy/oil industry.

The Saudis’ potential investments in India’s refineries would help the country lock down the Indian market for its crude export.

In other words, possible investments in India’s energy sector by Saudi Arabia could ultimately cause a decline for India’s demand for Nigeria’s crude as India is one of Nigeria’s biggest crude markets.


According to recent data from the National Bureau of Statistics (NBS), Nigeria exported crude worth N719.2 billion to India in Q3 2018. This, along with the N37.7 billion worth of natural has exported to the country, makes it Nigeria’s biggest crude export market during the period under consideration.

According to recent data from the National Bureau of Statistics (NBS), Nigeria exported crude worth N719.2 billion to India in Q3 2018. This, along with the N37.7 billion worth of natural has exported to the country, makes it Nigeria’s biggest crude export market during the period under consideration.

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