Nigeria Pockets $236bn From Petroleum Exports In Five Years

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Nigeria realised a total of $236.15 billion as profit from petroleum exports in the last five years.

This is according to the 2019 Annual Statistical Bulletin of the Organisation of Petroleum Exporting Countries (OPEC).

The oil cartel’s report noted the value of Nigeria’s export at $75.196 billion in 2014; $41.168 billion in 2015; $27.295 billion in 2016; $37.983 billion in 2017, and $54.513 billion in 2018.

The country’s petroleum exports was the sixth biggest of members of the organisation members behind Saudi Arabia, United Arab Emirates, Iran, Iran and Kuwait.

The report also stated that Nigeria’s population increased by over five million in 2018.

The report read: “The population of OPEC member countries increased by almost 11 million last year, with Nigeria, Iraq and Angola adding 5.3 million, one million, 0.52 million inhabitants, respectively, thus bringing the OPEC MCs’ share of global population to 6.64 per cent (up from 6.57 per cent in 2017).” 

OPEC disclosed that member countries dependency on oil as revenue greatly reduced in 2018 due to the diversification of economic sources. as encouraged by the respective governments.

“The share of OPEC MCs petroleum export revenues to GDP has decreased by around six percentage points over the last five years. Declines have been registered in all OPEC MCs, as local governments commissioned a number of initiatives and programmes to promote the development of high value-added non-oil industries, including manufacturing and services,” the report read.

It also revealed that non-OPEC countries did a lot more of crude oil production than the traditional OPEC countries.

“The increase was once more driven by outstanding production gains in North America, particularly in the United States. In contrast, crude oil production from OPEC member countries, as well as from other non-OPEC countries, showed declines,” the group said.

“With regard to countries with increasing oil production in 2018, output expansions were clearly driven by North America, notably by the United States. Oil supply in the US increased by around 2.3m bpd in the year 2018, representing almost 80 per cent of total non-OPEC supply growth,” OPEC said.

 

 

 

 

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