Nigeria: Pass PIB to Attract Investment, Others - Stakeholders allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Vanguard News
Oil revenue to remain subdued as output dips 15%
On
Despite the recent rise in oil prices, there are strong indications that Nigeria is not likely to be out of the woods in its petroleum revenue performance and budget funding, due, mainly to the significant drop in its oil output.
The Vanguard Public Finance Report has indicated that the sector recorded a 15 percent output decline in the first 11 months of this year.
A breakdown showed that the nation produced an average of 1.5 million barrels per day, mb/d, (excluding Condensate) between January and November 2020, indicating a drop of 0.30 mb/d when compared to 1.8mb/d recorded in the corresponding period of 2019.
Vanguard News
Electricity sector records mixed performance in 2020
On
Despite the sordid tales of Nigeria’s electricity sector, 2020 upstream power sector seems to have fared better in reducing systems collapse significantly.
However, huge difficulties persists in stranded power incidences which has resulted in a steady rise in losses in the industry while ensuring the perennial issue of inadequate power supply to industries and homes throughout 2020.
The power sector recorded five total collapses in 2020, as against 11 recorded in 2019.
The year had started with two successive collapses which occurred in January, but the performance stabilized in the remaining 10 months to date with just three collapses.
Nigeria s Oil Output Drops By 14 Percent to an Average of 1 5mb/D allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Translate
Home » Business » Energy » Nigeria’s oil output drops by 14% to an average of 1.5mb/d
Nigeria’s oil output drops by 14% to an average of 1.5mb/d
On
By Udeme Akpan, Ediri Ejoh & Prince Okafor
Nigeria might be under pressure to fund its N13.8 trillion 2021 budget following a significant drop of its oil output by 14.08 percent in the first 10 months of 2020, according to data obtained from the Organisation of Petroleum Exporting Countries, OPEC.
A breakdown showed that the nation produced an average of 1.5 million barrels per day, mb/d, (excluding Condensate) between January and October 2020, indicating a drop of 2.5 mb/d when compared to 1.7mb/d recorded in the corresponding period of 2019.