A new report by the Organization of Petroleum Exporting Countries has revealed details of Nigeria's earnings from petroleum exports in the last five years.
The disclosure was contained in OPEC's 2019 Annual Statistical Bulletin. The report put the value of Nigeria’s petroleum exports at $75.196bn in 2014; $41.168bn in 2015; $27.295bn in 2016; $37.983bn in 2017, and $54.513bn in 2018.
It explained that in 2018, the value of the country’s petroleum exports was the sixth biggest in the 14-member group, behind Saudi Arabia’s $194.358bn, UAE’s $74.94bn, Iraq’s $68.192bn, Iran’s $60.198bn and Kuwait’s $58.393bn.
Excerpt of the report read
“The population of OPEC member countries increased by almost 11 million last year, with Nigeria, Iraq, and Angola adding 5.3 million, one million, 0.52 million inhabitants, respectively, thus bringing the OPEC MCs’ share of global population to 6.64 percent (up from 6.57 percent in 2017).
“The share of OPEC MCs petroleum export revenues to GDP has decreased by around six percentage points over the last five years. Declines have been registered in all OPEC MCs, as local governments commissioned a number of initiatives and programmes to promote the development of high value-added non-oil industries, including manufacturing and services.”