Business

Despite oil theft and vandalism, Nigeria has made more money this year than it did last year

Nigeria’s economic difficulties are not just related to the oil industry at this time, although problems there have caused concern and even forced the government to use private services.

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The oil sector’s recorded revenue has fallen short of its performances from previous year for the majority of the months this year. Nigeria’s oil production reportedly fell to its lowest level in September 2022.

Up until the government decided to take harsh measures, oil theft and pipeline damage were the most common causes claimed for the decline in oil production.

It is unclear why there has been a dramatic change in fortunes for the oil sector but according to a report by Nairametrics, the Nigerian oil sector has indeed recorded a higher revenue for the 9 months period of 2022, ending September, compared to the previous year, in the same timeline.

“An analysis of results of Nigeria’s publicly-leading oil and gas companies reveal they earned a whopping sum of N1.031 trillion as revenue in the nine months that ended in September 2022, outpacing their earnings (N776.939 billion) in the corresponding period in 2021,” the report says, in part.

Revenues increased by 32.7% compared to the first nine months of 2021, per Nairametrics Research’s compilation of these companies’ financial statements.

Additionally, the global energy market is currently being impacted by the conflict in East Asia at the same time as this revenue growth.

“An study of results of Nigeria’s publicly-leading oil and gas companies reveal they generated a stunning sum of N1.031 trillion as revenue in the nine months that ended in September 2022, exceeding their earnings (N776.939 billion) in the similar period in 2021,” the report said, in part.

Revenues increased by 32.7% compared to the first nine months of 2021, per Nairametrics Research’s compilation of these companies’ financial statements.

Additionally, the global energy market is also being impacted by the conflict in East Asia at the same time as this revenue increase.

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