Nigeria Has the Lowest Oil Production per Head
Nigeria, Africa’s biggest economy has the lowest production per head among all members of Organization of Petroleum Exporting Countries (OPEC) according to investigation from BusinessDay.
With a population of over 180 million people, Nigeria is said to be the sixth largest producer of Oil in the world but despite all this, the country continue to have majority of its population struggling below the poverty line.
Nigeria currently produces between1.6 to 1.7 Million barrels per day. But when this is added to about 500,000 barrels of condensate produced per day, the total production per day comes to between 2 Million or 2.1 or 2.2 Million barrels per day.
Despite Nigeria constant bragging right of being African largest producer of Oil, data compiled by BusinessDay shows Nigeria has the lowest production per head compared to other OPEC countries.
Despite all this, an audit report from the Nigeria Extractive Industries Transparency Initiative (NEITI) last month disclosed, Nigeria lost 54.6 per cent of Oil revenue, amounting to $29.7 billion that it may have earned from its sales of crude Oil in 2015 if the prices of Oil in the international market did not drop from $101.91 that it was in 2014 to $52.16 in 2015,
Nigeria’s 2018 budget of N8.6 Trillion is based on a projected Oil revenue of N2.442 Trillion and non-oil projection of N4.165 Trillion. This was reached based on an Oil benchmark price of $45 per barrel, daily oil production level of 2.3 Million barrels per day and exchange rate of N305/$1. It was also assumed that gross domestic product will grow by 3.5 percent and inflation rate of 12.42 percent.