14 June 2019

Nigeria's Oil Revenue Hits N85tn in Five Years, Says Report

Nigeria earned about N85 trillion, or $236.2 billion from oil between 2014 and 2018, the 54th edition of Annual Statistical Bulletin by the Organisation of Petroleum Exporting Countries (OPEC), has revealed.

The figure puts Nigeria in sixth place and the highest oil revenue earner in Africa among the 14 OPEC member countries surveyed in the report.

The highest revenue in the review period was N27.1 billion or $75.2 million recorded in 2014, followed by 2018, when N19.6 billion, about $54.5 million was earned.

The country earned N14.8 billion, translating to $41.2 million, N9.8 billion or $27.3 million and N13.7 billion, that is, $38 million, were earned in 2015, 2016 and 2017, respectively.

OPEC records showed that Saudi Arabia was the highest revenue earner with $194.4 billion followed by United Arab Emirates' $74.9 billion, Iraq's $68.2 billion, Iran's $60.2 billion and Kuwait's $58.4 billion.

According to the report, OPEC-member countries sold an average of 24.67 million barrels per day (b/d) in 2018, a slight increase of about 14,000 b/d, or 0.1 per cent, compared to 2017.

The major importers were countries in Asia and the Pacific, followed by Europe and the least exports to North America.

The OPEC bulletin showed that Nigeria's daily crude oil production in 2018 was 1.601 million b/d, a 4.3 per cent increase from the 1.535 million b/d recorded in 2017.

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