Nigeria loses N3.4tn as crude production drops

Crude oil production in Nigeria, including condensates and natural gas liquids, fell by 23.94 million barrels in the second quarter of this year, down from a total of 165.62mb in the preceding quarter to 141.68mb.

According to the latest economic report of the Central Bank of Nigeria, the estimated average price of Nigeria’s reference crude, the Bonny Light, during the review period was $46.44 per barrel.

This, therefore, implies that the country lost about $1.11bn (N3.39tn at the official exchange rate of N305 to one dollar) as a result of its inability to produce as much as it did in the first quarter of this year.

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