Nigeria’s oil revenue hit N85trn in 5 years

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Nigeria is now the highest oil revenue earner in Africa, after the country made about N85 trillion ($236.2 billion) from oil between 2014 and 2018, says the Organisation of Petroleum Exporting Countries (OPEC).

This figure is contained in the 54th edition of OPEC’s Annual Statistical Bulletin.

The revenue figure puts Nigeria in 6th place among the 14 OPEC member countries surveyed in the report.

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

N14.8 billion ($41.2 million), N9.8 billion ($27.3 million) and N13.7 billion ($38 million) were earned in 2015, 2016 and 2017 respectively.

Saudi Arabia topped the earners table 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.

On volume of crude oil exported, the report said 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 %, compared to 2017.

The bulk of sales were made to countries in Asia and the Pacific, followed by Europe and the least exports to North America.

 




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