Nigeria lost 2.23 billion in oil and gas exports in 2020

Nigeria lost  2.23 billion in oil and gas exports in 2020



Nigeria's oil and gas exports reduced revenue by 45.98% in 2020, to 2.62 billion compared to the Nigerian National Petroleum Corporation's 4.85 billion reported in 2019. The deficit is 2.23 billion.


During the year under review, the country experienced the lowest decline in October, falling to 54.09 million in January 2020 from a record 626.79 million. In February, 282.32 million were recorded.


It was 362.18 million in March. Received 193.05 million in April. 3 133.16 million was recorded in May, and 8 378.42 million in June. In the following month, NNPC recorded 2,122.44 million. 8 100.88m in August. 4 120.49m in September. In November. 125.71m and in December .2 125.25m.


Last year, the country earned N1.54 trillion from domestic crude oil and gas sales. This is below the N1.57 trillion NNPC recorded during the same period in 2019.


Why the decline in oil export earnings


Earnings from crude oil and gas exports were wiped out by the 19 epidemics that swept the oil market in 2020. Epidemics have forced governments around the world to block borders near migration and trade.


The move by Covid 19 has reduced global oil demand, causing oil prices to fall by 20 sh in the second quarter of last year, hurting Nigerian oil revenues as its exports Markets also closed shops.


The US Energy Information Administration had said that oil-exporting countries, including Nigeria, would lose their revenues. The US agency said revenue would be at an 18-year low.


According to the US projection, the Organization of Petroleum Exporting Countries (OPEC) estimated that its oil exports would fall from 595 billion in 2019 to 32 323 billion in 2019. Lower crude oil prices and lower exports have led to the expected decline in export earnings. "


Meanwhile, Legit.eng had earlier explained why Somerset Ganguly, chief executive officer of Cars45, explained why the company had lost 10 senior executives in AutoCheck.


Autocheck was created by Etop Ekpe, the founder and former CEO of Cars 45. His expulsion from the company raised questions of possible recurrence between IKP and its majority shareholder, OLAS.


Ganguly said the change in ownership of the company led to the dismissal of employees. He said that the establishment of AutoCheck was also good for the digital auto market as only 45 cars work.


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