Nigeria earned about $11 billion from crude oil exports in the first half of the year. The latest revenues fact sheet of the Organisation of Petroleum Exporting Countries (OPEC), which revealed the figure, also projected that the country’s earnings would increase to about $29 billion in the same period in 2024.
According to the report published by the America Energy Information Administration (EIA) and obtained by The Guardian, the figure represents a huge decrease from $34 billion earned in the same period last year. The report revealed that Angola, which is the closest rival to Nigeria in the continent, made about $12 billion in oil export within the period, while Saudi Arabia, the highest oil producer in OPEC, realized $$97 billion within the period.
The Central Bank of Nigeria (CBN) had earlier revealed that Nigeria exported 0.86 million barrels of crude oil per day (mbpd) in February, 0.82mbpd and 0.73mbpd in May 2023. Meanwhile, the entire OPEC members earned about $888 billion in net oil export revenue in 2022.
The revenue rose nearly 43 per cent compared with the previous year, according to the EIA.
