![]() ![]() According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in the first quarter of 2022, the country lost an estimated $1 billion in revenue to crude theft. ![]() Industry observers indicate that the country is losing as much as 80% of its oil production to theft, though other analysts claim a figure around 60% is more accurate. The country has been unable to capitalize on the rising energy prices following Russia’s invasion of Ukraine. The problem has progressed to the extent that the country is unable to meet its increased OPEC quota. Nigeria is facing unprecedented adverse economic challenges stemming from the impact of theft of large volumes crude oil. The country’s exports of natural gas rose by 14% in 2021, accounting for 9.24% of total exports. Nigeria is among the world’s top five exporters of liquefied natural gas (LNG). In the first quarter of 2022, Nigeria recorded an average daily oil production of 1.49 million barrels per day (mbpd), accounting for 6.63% of total GDP. Total Local Production: Industry contacts and other local sources such as National Bureau of Statistics Petroleum Technology Association of Nigeria and Ministry of Petroleum Resources Total Market Size = (Total Local Production + Total Imports) – (Total Exports)ĭata Sources: Estimation for 2022 was made based on estimated GDP trends across the sector. Economic Development Organizations (EDO).Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?. ![]()
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