The import of petroleum in Nigeria has exceeded it’s exports by a sum of $58.5bn, the Organisation of Petroleum Exporting Countries (OPEC) has revealed in its report.
The oil Purveyor, in its Annual Statistical Bulletin stated that Nigeria’s petroleum imports from 2015 to 2019 was valued at $264.57bn, while its exports during the same period was $206.07bn.
Nigeria exported $41.17bn, $27.29bn and $37.98bn worth of petroleum exports in 2015, 2016 and 2017 respectively.
In 2018 and 2019, the values of Nigeria’s petroleum exports were $54.51bn and $45.12bn respectively.
The bulletin also showed that Nigeria spent $264.57bn importing petroleum products within the five-year period.
In more enunciation by the imports made by Nigeria , Opec showed that in 2015, 2016 and 2017, petroleum imports valued at $53.53bn, $46.55bn and $49.51bn were imported into Nigeria.
However, Nigeria’s petroleum imports in 2018 and 2019 were valued at $57.23bn and $58.75bn respectively.
In 2019, Nigeria cumulatively produced 33.7bn barrels of crude oil.
OPEC stated that Nigeria’s increased it’s crude oil production in 2019 by producing 33.87 billion barrels.
Furthermore The oil Purveyor noted that the country’s daily crude oil production in 2019 was 1.74 million barrels.
The rationality for the overwhelming Imports in petroleum was due to Nigeria’s inability to refine its oil products .
The production of crude in Nigeria has been left shallow as many of it’s refinery has been abandoned, as it’s Kaduna and Warri refinery has not been operative since 2019.
(C) Control TV 2020.
