OPEC reveals how Nigeria earned $206bn from oil in 5 years
By PAUL OMOROGBE
A total of $206.065 billion came into Nigeria’s coffers between 2015 and 2019 from the export of oil products.
This is according to data obtained from Organisation of Petroleum Exporting Countries (OPEC) in its 2020 Annual Statistical Bulletin (ASB).
According to OPEC, in 2015 Nigeria earned $41.168 billion.
Following disruptions in local oil production in the Niger Delta, the figure fell to $27.295 billion in 2016.
The resultant effect was a recession in the nation’s economy.
Interestingly, all other OPEC countries except for Iran recorded their lowest revenues for the period in 2016.
A presidential intervention in the Niger Delta crisis reflected in oil revenue rising to $37.983 billion in 2017.
The revenue in this five-year period peaked in 2018 when Nigeria raked in $54.513 billion.
In 2019, the figure dropped to $45.106 billion.
The 2020 ASB provides a wide range of data on the oil and gas industry worldwide.
It also provides key statistical data on oil and natural gas activities in each of OPEC’s 13 member countries. (Nigerian Tribune)
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