The Organization of the Petroleum Exporting Countries (OPEC) has revealed that Nigeria earned $206.06 billion from petroleum export between 2015 to 2019 under President Muhammadu Buhari administration.
The breakdown, contained in OPEC’s 2020 annual statistical bulletin as published on its website, revealed that the country’s oil export revenue fell in 2016 to $27.29 billion from $41.17billion in 2015, which drove Nigeria into recession.
The record further revealed that oil revenue gained traction 2017 to $37.98 billion and by the time Nigeria’s economy was out of recession in 2018, the revenue increased to $54.51 billion.
While the revenue fell to $45.11 billion in 2019, the country was the fifth biggest revenue-earner in OPEC for the same year.
The four bigger earners ahead of Nigeria were Saudi Arabia ($202.37billion), Iraq ($80.03billion), Kuwait ($52.43billin) and the United Arab Emirates ($49.64billion).
The report further indicated that Nigeria imported $265 billion worth of petroleum products under the direct sale, direct purchase arrangement.
Nigeria currently exports crude oil to Europe, North America, Asia and Pacific, Latin America, Africa and Middle-East.
In 2019, export to Europe dropped to 680,600 barrels per day from 1.06 million bpd in 2018. Also, export to North America crashed to 27,500 bpd from 172,000 bpd
