Page 15 - Nigeriaone mag 3 edition en

Crude oil export from Nigeria earns zero revenue in one month

Oil tanker off Lagos, illustrative image

As the Russia and Ukraine crisis (FAC) meeting held on the 24th earned from the sector and as
continues to escalate, oil produ- of August, 2022 revealed that Ni- such, the intended benefits from
cing countries across the globe geria earned no income from high costs of crude prices in the
continue to make enormous crude oil revenue for the month global market has not benefited
profits from the increasing price of July 2022, as against $ 6 mil- the Nigerian economy in any
of a barrel of crude oil sold at lion earned in the month of way.
the international markets. June, 2022.
Unfortunately, the story in Nige- Experts in the field have argued
ria is different, as the price of that the reasons for this dismal
crude oil is increasing the losses performance are obvious, as the
from oil production in Nigeria signs, cracks and pressure are
appears to have gotten worse. visible for all to see.
The Nigerian National Petroleum In recent months, the low pro-
Company (NNPC) posted zero duction rates from multinational
earnings from crude oil exports oil producing companies has
in the month of July which is worsened, pipeline vandalism
quite worrisome. and crude oil theft have conti-
Recent data from the Nigerian nued to plague the oil producing
National Petroleum Company sector and are important factors
presented to the federation that have contributed to explai-
account allocation committee ning the dwindling revenues
Oil price rise, illustration

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