2023 Nigeria records N29 trillion in oil exports, up 37% from 2022, but faces N7.35 billion daily loss due to theft and production shortfalls.
Nigeria's National Bureau of Statistics reported a record-high N29 trillion in oil exports for 2023, an increase of 37% compared to the N21.1 trillion recorded in 2022. However, the oil component of Nigeria's federation revenue still fell short of the estimated budget. Despite a 9% increase in year-on-year oil production, Nigeria is losing an estimated N7.35 billion daily due to oil theft and production shortfalls. The NNPC has sought assistance from the EFCC to curb these issues in the Niger Delta region.
March 18, 2024
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