Nigeria’s oil earning rebounds as prices stabilise at USD48
By Ediri Ejoh
Nigeria’s crude oil revenue may have recorded a huge rebound as export earnings rose 116 percent in November against a 77 per cent decline recorded in April 2020.
This is coming as crude oil prices stabilised at USD48 per barrel yesterday at the international market, a development which is expected to crash the N5 trillion budget deficit contained in the 2020 fiscal year.
Speaking at the ongoing virtual 19th Nigeria Oil and Gas Conference, themed, ‘fortifying the Nigerian Oil and Gas for Economic Stability and growth’, the Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Dr. Mohammad Barkindo, stated: “The Nigerian Crude oil export earnings plunged by 77 percent between January and April 2020; but since then, it has gradually improved; and also rebounded by 116 percent in November compared to April 2020 level.’’
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He also said that the Federal Government should be commended for its proactive measures that had facilitated the rebounding of the Nigerian crude oil export earnings.
“All of us in OPEC family know the enormous debt of gratitude we owe President Buhari; for the pivotal role, he played in the Declaration of Cooperation (DoC) process between OPEC and non- OPEC producing countries.
“Particularly, his intervention at the highest level to secure decisions of the 10th extraordinary OPEC and non-OPEC meeting in April 2020,’’ he said.
According to him, the decisions were taken in response to the unprecedented demand slump resulting from the Coronavirus pandemic.
He further said that Nigeria would consistently be regarded as one of the most admired and respected members of the OPEC family, particularly in the realm of consensus building.
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