Nigeria’s economic struggle so far has not just been tied to the oil sector alone; however , complications within this sector have raised alarms, even prompting the government to hire private services.
For most months on end this year, recorded revenue in the oil sector fell short of its performances last year. Read Story here.
Oil theft and pipeline vandalism were the most prominent reasons cited for the drop in oil production, until the government decided to take drastic actions.
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.
The report reads in part; “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 September 2022, outpacing their earnings (N776.939 billion) in the corresponding period in 2021.
According to the financial statements of these companies, as compiled by Nairametrics Research, revenues rose by 32.7% compared to the nine months of 2021.”
This revenue growth is also coming amidst a time when the conflict in East Asia is affecting the global energy market.
According to the same report, the graph below represents oil growth and decline amongst major oil conglomerates in the country.