Oil Export Earnings Drop by 300%
The NNPC Monthly Financial Report shows that the long-awaited drop in crude oil earnings for Nigeria occurred in March 2020.
Nigeria earned $256.19million from sales of crude oil and gas, a 300 percent trading loss.
The loss, calculated at N9.53billion is huge, compared to a profit of N3.95 billion which the Corporation posted in February 2020.
However, analysts had long predicted this shortfall, as a result of worldwide decline in crude prices and the economic impact of the coronavirus pandemic which has led to reduced consumption of petroleum products and triggered drastic drops in oil exports.
The national oil company stated that these health and economic factors took a toll on the fortunes of its production subsidiary, the NDPC whose earnings dipped by 181 percent, in addition to other losses posted by the nation’s refineries.