Nigeria’s crude oil exports are at the lowest level in the last 25 years, putting the Nation behind Angola as the continent’s top crude oil exporter and setting a new record in the negative. This is just the latest setback in a long line of setbacks for the nation.
This came after it was discovered that, in contrast to its 2 million barrels per day export capacity, the country’s largest export for the year as of January was 1.68 million barrels per day (bpd).
On Sunday, the Nigerian National Petroleum Company Limited (NNPCL) stated that the current oil heist in Nigeria has costs them 470,000 barrels of crude oil per day which amount to $700 million monthly. As such, most major oil companies operating in Nigeria has stopped producing in other to mitigate the situation which continues uncontrollably.
