Multinational professional service firm, PriceWaterCooper (PwC) has predicted that Nigeria and other oil-producing countries in Africa will lose an estimated $1tn in oil export revenues over the next 20 years as prices are forecast to remain on the low.
In its Africa Oil and Gas Review 2020, PwC said oil production in Africa saw a decline of 10 per cent in 2020 from 8.3 million barrels per day, which was largely caused by the COVID-19 pandemic which caused exports to slow down.
The report added that the continent’s proven oil reserves have remained static at 125.7 billion barrels from the end of 2019 to 2020.
“Nigeria, Algeria, Angola, Libya and Egypt could each be facing $20bn or more in lost export revenue in 2020,” the PwC said in the report.
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