Nigeria’s Oil Earnings Rises by N188.71bn as Output Rises as NNPC Speaks on Plan to Move HQ to Lagos

Sep 17, 2023 | Entertainment, News

  • Recent data shows that Nigeria’s earnings from oil has been increased in August 2023
  • The country’s earnings for August hit about N188.7 billion barrels per day than the July figures
  • The information is according to a report by OPEC for August, which showed that Nigeria’s oil output increased

Nigeria’s earnings from crude oil sales increased by N188.7 billion in August 2023 due to the rise in the production of the product by both international and local operators.

Nigeria’s oil appreciated in August, as against the previous month of July, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Organisation of Petroleum Exporting Countries (OPEC).

Oil production, Oil sales, Output
Nigeria makes N188.71 billion from oil sales in August
Credit: Hybrid Images
Source: Getty Images

Nigeria’s oil production rises in August

In August, Nigeria produced about 26,615,125 million barrels of crude oil, higher than the 33,761,767 million barrels pumped in July.

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The development shows that oil production was higher than July production by 2,853,358 million barrels.

World Bank data indicates that the average cost of Brent in August was $6.16 per barrel.

A report from Exchange Rates UK, a global analytical company, put the average exchange rate for USD in Nigeria in August at N767.6 per dollar.

Punch reports that with the additional production of 2,853,358 barrels of crude oil for August, the country’s oil earnings increased by about N188.71 billion in the month under review.

According to OPEC, daily production figures for crude from Nigeria increased to 1.181 million barrels per day in August this year.

OPEC revealed that oil production in Nigeria increased from 1.081 million barrels per day to 1.181 million in August.

Nigeria’s oil output increases but nor enough to meet demands

The global oil cartel disclosed this in its monthly oil market report for September 2023.

Nigeria produced 1.18 million barrels per day in May 2023, higher than the 0.99 million barrels it delivered in April.

OPEC data reveals that despite the appreciation of Nigeria’s oil output for August, production was still lower than the 1.24 million produced in June this year.

An analysis of the report shows that Nigeria produced an average of 1.144 million barrels per day in Q2 of 2023, lower than the 1.277 million barrels per day in the preceding quarter.

Nigeria’s oil output has declined despite the slight rise in August.

NNPC breaks silence on plans to relocate headquarters from Abuja to Lagos reported that the Nigeria National Petroleum Company (NNPC) Ltd. has responded to speculations that it plans to move its headquarters in Abuja to Lagos.

Mele Kyari, the Group Chief Executive Officer (GCEO), at the hearing of the ad hoc committee on the acquisition of OVH Energy, denied such plans.

The speculation comes following a petition to NNPC on plans to relocate the company’s headquarters.


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