Business
Nigeria Earned $206B Oil Revenue From 2015-2019
By Chuks Ekpeneru
A new report by the Organisation of Petroleum Exporting Countries (OPEC) says Nigeria earned about $206 billion from oil and gas sources between 2015 and 2019.
This was contained in OPEC’s 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.
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