Nigeria faces a growing economic crisis as a staggering 92 million barrels of crude oil designated for export in April and May 2025 remain without buyers, exclusive data obtained by BusinessDay reveals. This unprecedented backlog threatens up to ₦19.6 trillion—representing 56 percent of Nigeria’s initially projected ₦34.8 trillion revenue—highlighting the nation’s dangerous dependence on oil exports for fiscal stability.
The alarming figures show 77.9 million barrels stranded for April loading, with another 13.8 million barrels for May still floating unsold in international waters. These stranded shipments include diverse crude grades ranging from popular blends like Bonny Lite, Forcados, Qua Iboe, and Escravos to lesser-known varieties including Djeno, Girassol, and Mostarda.
Market experts note that while Nigeria’s high-grade crude remains internationally recognized for its quality, current market dynamics featuring lower global crude prices and intensifying competition have created formidable challenges. “Some JV partners are holding out for prices to reach at least $70 per barrel,” a senior economist familiar with oil business told BusinessDay, adding that “Market trends suggest prices may remain stagnant or even drop back to the $60 support level.”
The situation reflects broader global uncertainties triggered by aggressive trade policies and tariff threats that have disrupted supply chains and investor confidence. Major international banks including UBS, BNP Paribas, and HSBC have already adjusted their crude price projections downward. As Nigeria struggles with unsold inventory, industry experts increasingly call for prioritizing domestic refining over exports, highlighting provisions in the PIA that require producers to supply adequate feedstock to Nigerian refineries.
Source: businessday.ng
