Business
NECA: Nigeria Loses $2.5 Billion Monthly For Not Meeting OPEC Quota
The Nigeria Employers’ Consultative Association (NECA) has reported that Nigeria is losing over $2.5 billion per month because it cannot produce 1.8 million barrels of crude oil per day, as OPEC requires.
Director-General of NECA, Adewale-Smatt Oyerinde, issued a statement claiming that the country’s crude oil production went up by 4.2% to 1.23 million barrels per day.
However, data from December 2022 showed that this is still inefficient.
Oyerinde claimed that the government’s revenue had been cut due to ongoing oil theft and an unsustainable subsidy on petroleum goods, which had contributed to excessive debt accumulation.
Despite a 4.2% monthly increase to 1.23 million barrels per day in December 2022, this was still well below the 1.8 million barrels per day allocated to the country by OPEC, resulting in a loss of around $2.5 billion each month at an average price of $100 per barrel.