· From the largest oil producing country in the continent, Nigeria has dropped to the fourth position. It is behind Angola, Algeria and Libya, according to the Organization of Petroleum Exporting Countries (OPEC).
From the largest oil-producing country in the continent, Nigeria has dropped to the fourth position. It is behind Angola, Algeria and Libya, according to the Organization of Petroleum Exporting Countries (OPEC). The monthly oil market report for August showed that Nigeria’s production stood at 980,000 barrels a day, a decline of more than 100,000 barrels per day compared to July, meeting only 50% of OPEC’s target for Nigeria in August.
Theft and sabotage at production sites cost the country millions of dollars in revenue. According to authorities, more than 200,000 barrels are lost daily. For years, Oil accounted for the biggest contributor to the national GDP. Information and communications technology and trade have overtaken the oil sector and have contributed more to GDP during the second quarter of this year.
Oil experts are worried that at a time when the oil prices are rising, Nigeria is missing the chance to enjoy the revenue inflows from its oil resources. If such a trend continues, it is feared that Nigeria will slowly be losing its influence in the global oil market.
Also read;
https://trendsnafrica.com/
https://trendsnafrica.com/
