Asia’s EV Boom Sours Appetite for Nigeria’s Oil

The growing adoption of electric vehicles (EVs) and liquefied natural gas (LNG) as preferred energy sources in Asia has continued to weaken Nigeria’s crude oil export earnings from the region, its largest market, for two straight years.

The noticeable decline started two years ago when the Netherlands overtook India as the biggest buyer of Nigerian crude oil, marking a change in the dynamics of the West African nation’s energy exports.

Available data by the National Bureau of Statistics (NBS) revealed that India, China, Indonesia, Singapore, and Thailand have been the major buyers of Nigeria’s crude in the last seven years.