Nigeria produced a total of 440.774 million barrels of crude oil valued at about N12.4tn between January and November 2021, an analysis of the latest oil production data released by the Federal Government showed.
Production volumes in the months of January, February, April, May and June were 42.195 million barrels, 39.869 million barrels, 41.17 million barrels, 41.679 million barrels and 39.4 million barrels respectively. In May, June, July and August 2021, the average prices were $68.53, $73.16, $75.17 and $70.71 per barrel respectively.
Going by an average of N400/$, the various average monthly costs of Brent and the monthly crude oil production figures as stated above, Nigeria earned about N924.41bn from oil in January, N993.22bn in February and N1.16tn in March 2021. Bulk of Nigeria’s foreign exchange earnings come from crude oil sale, as the country depends largely on revenue from oil production to run its economy.
“We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom,” the stated.