Nigeria Generates N85tn From Oil In Five Years-OPEC
The Organisation of Petroleum Exporting Countries (OPEC) has revealed that Nigeria generated N85 trillion from oil between 2014 and 2018.
This report was contained in the organisations 54th edition Annual Statistical Bulletin.
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According to OPEC, the country earned N27.1 billion, N14.8 trillion, N9.8 trillion N13.7 trillion, and N19.6 trillion in 2014, 2015, 2016, 2017 and 2018, respectively which translates to N84.6 trillion.
The figure, however, places Nigeria on the sixth position and the highest oil revenue earner in Africa among the 14 OPEC member countries surveyed in the report.
The OPEC bulletin 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 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.
