Nigeria Rakes In $21bn From Oil In 2017, Says NEITI

Nigeria earned $21bn from the oil and gas sector in 2017, representing a 23 per cent increase from the 2016 figure of $17.05bn and 15 per cent lower than $24.79bn recorded in 2015.

The Nigeria Extractive Industries Transparency Initiative stated these in its 2017 oil and gas industry report that was released on Wednesday.

It said a breakdown of the country’s financial flows by revenue streams showed that crude oil and gas sales topped the table with about $10.19bn.

NEITI said other financial flows accounted for about $10.13bn, adding that funds to other entities like the Niger Delta Development Commission and Nigeria Content Development Monitoring Board, among others were $669.05m.

The report said, “There was a steady decline in year-on-year revenues from 2013 to 2016, with the sharpest drop of 55 per cent in 2015 compared to the preceding year.

“The year under review experienced a 23 per cent increase in revenues from $17.055bn in 2016 to $20.988bn in 2017.”

It stated that in effect, 2017 witnessed a halt in the steady revenue decline the sector had experienced since 2013.

The report also showed that inflows from the Nigeria Liquefied Natural Gas as dividend, interest and loan repayment were $834m.

“This indicates a significant increase of 114 per cent from the 2016 figures of $390m,” the report stated.

It noted that in relation to oil production during the period under review, a marginal increase of 4.75 per cent, 690,465 million barrels, as against the 659,137 million barrels produced in 2016, was recorded.