Less money for Nigeria as oil production declines in July

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First and foremost, do note that Nigeria has lost her position as the largest oil producer in Africa. However, data has highlighted that Nigeria lost roughly four (4) million barrels of oil between June and July of 2023 which made her to produced 1.08 million barrels per day in July.

This decline in oil production has caused the country lose in revenue. She’s lost almost N249 billion in crude oil revenue in July as a result of a decline in oil production of more than four (4) million barrels in the same month.

This has reduced the entire oil production of the nation to fell to 33.5 million barrels in July from June’s 37.5 million barrels, according to information acquired from the Nigerian Upstream Petroleum Regulatory Commission.

However, with all these that’s happening in the oil and gas industry of Nigeria, NNPC is assuring Nigerians of stronger Naira and cheap petrol. This followed the announcement made by the agency about the secured $3Billion emergency loan.

Nigerian National Petroleum Cooperation (NNPC) said the $3BN crude-for-cash loan was secured from African Export-Import Bank (Afreximbank). However, the funding is aimed at supporting Nigeria Government on its ongoing fiscal and monetary policy reforms aimed at stabilising the exchange rate market”.

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