Abstract
Nigeria is an oil producing country and crude oil is an important asset to its economy. This research focuses on the analysis of importation and exportation of crude oil products (measured in million barrels). Comparisons between the total importation and exportation were made and descriptive analysis was performed on the crude oil components. Poisson regression was used to establish the relationship between total importation and the importation of the petroleum products under consideration. The results show that Nigeria makes more importation than exportation of these products.
Highlights
Crude oil, often called unrefined petroleum, is a natural product
Total importation and exportation of crude oil, importation and exportation of kerosene, motor gas, jet fuel, distillate fuel and liquefied petroleum gasses were taken into consideration
Total importation was the dependent variable while importation of kerosene, motor gasoline, jet fuel, distillate fuel oil and liquefied petroleum gasses were the independent variables
Summary
Often called unrefined petroleum, is a natural product. Crude oil is processed through distillation and produces several other components. These components are useful as transportation fuel, road tarring materials, paints, cosmetics and so on. Various works on crude oil production especially in Nigeria are contained in [2,3,4]. This research makes comparison between the importation and exportation of these products in Nigeria. Crude oil is found in several countries, but Nigeria is one of the countries that extract light and sweet oil, otherwise known as brent crude oil
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