National Wire About Nigerians, Nigerian Business and Other Stories
Nigeria recorded the second biggest decline in oil export revenue among its peers in the Organisation of Petroleum Exporting Countries last year, amid persistent low oil prices and production disruptions.
The country’s oil export revenue fell to $26bn last year from $37bn in 2015, the US Energy Information Administration said in its OPEC Revenues Fact Sheet. Following the resurgence of militant attacks in the Niger Delta that caused production to plummet to a near 30-year low, the nation lost its status of Africa’s top oil producer to Angola.
The southern African country, whose oil export revenue was $4bn lower than Nigeria’s in 2015, earned the same revenue as Nigeria last year. The EIA put Nigeria’s net oil export revenue for the first four months of this year at $10bn, same as Angola’s. The statistical arm of the US Department of Energy estimated that members of the OPEC earned about $433bn in net oil export revenue (unadjusted for inflation) in 2016.
