In Five Years, Nigeria Earned $1195.11 Billion Exporting Crude Oil

In Five Years, Nigeria Earned $1195.11 Billion Exporting Crude Oil

  • Nigeria has earned about $119 billion from crude oil exports from 2017 to 2021 under President Muhammadu Buhari
  • The country produces over one million barrels of crude oil per day, which is a far cry from previous productions
  • Experts say oil thefts and pipeline vandalism are to blame for the dwindling fortunes of Nigeria's slip in oil export

Statistics from the Central Bank of Nigeria (CBN) reveal that Nigeria earned about $195 billion exporting crude oil between 2017 and 2021.

Available data show that the country would have earned more than the amount but due to the dwindling daily crude oil production, the amount fell short, according to a Nairametrics reports.

CBN, Buhari, Crude Oil
Nigerian earned over $100 billion in five years Credit: Mike Meek
Source: Getty Images

For the last 10 years, Nigeria has produced an average of 2.085 barrels of crude oil per day.

In 2021, the country’s daily crude oil output stood at 1.48 million barrels per day, a 15 per cent decline from the year before.

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In the 5 years that followed, average daily volumes of 1.7 million barrels per day of crude oil were exported which is 20 per cent lower than the 2.085 million barrels per day in 10 years.

A drop in crude oil production

In 2022, estimates show daily volumes have dipped below 1.3 million daily productions, signalling missed revenue opportunities.

Energy experts have blamed the decline on divestments from major oil-producing companies and massive capital expenditures which have stalled the recovery of the oil sector.

Reasons for production decline

Others have also blamed the decline in oil production and oil thefts, the proliferation of illegal oil bunkering and pipeline vandalism.

Tony Elumelu, Chairman of UBA in a recent tweet said that Nigeria has lost over 96 per cent of its oil to theft. Elumelu cited that Bonny Terminal, with 200,000 barrels per day capacity, receives a miserly 3,00 capacity which made oil giant, Shell divest its operations from Nigeria.

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Former Seplat MD, Austin Avuru said that Nigeria’s oil production is in an emergency state, stating that production wells do not receive up to 80 per cent production due to theft.

Nigeria government sold N14.4trn worth of crude oil in 2021 has reported that the National Bureau of Statistics has revealed that Nigeria in 2021 made over N14.4 trillion selling crude to different countries around the world.

NBS disclosed this in its latest Foreign trade statistics report published on its website on Tuesday, 15 March 2021.

According to the analysis of the report, crude oil sales accounted for 76.22 of the total exports made during the year under review.


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