The National Bureau of Statistics released data on Nigeria’s crude oil production value and volume from 1961 to 2014. The data shows Nigeria had a production volume of about of 32.7 billion barrels of crude oil since independence, valued at about N118.4 trillion.
Here are a few nuggets from the data;
- Nigeria production value was an average N2.1 trillion annually since 1960
- However, this is largely because of the higher crude prices in the last 15 years (1999-2014)
- In fact, since 1999, when democracy was ushered back to Nigeria, Nigeria has had a crude oil production value of a whopping N116. trillion about 98% of total crude oil sold since 1960
- The data also suggest Nigerian crude production value was about N7.2 trillion per annum between 1999 and 2014.
- The data also reveals Nigeria got the most value from crude sales in the Goodluck Jonathan era, as about N72 trillion was sold between 2009 and 2014 alone.
Nigerian Presidents and Oil
The mind-boggling data reveals the value of crude produced was the highest even in Nigeria’s history in the Goodluck Jonathan Administration. According to the data, the immediate past President presided over an era with a crude oil production value of a whopping N65 trillion (not accounting from the year he shared with Yaradua).
Critics point to the high profligacy in the Jonathan era as an opportunity wasted to usher in an era of lasting economic growth for the country. Instead, the country got whacked following the drop in the price of oil in 2014, leaving Nigeria with little or no savings to cushion the effect of the crash.
President Obasanjo’s was next enjoying an era as two-time president with about N20.3 trillion in value generated from crude oil production.
Nigeria is one of the countries regarded as suffering from the oil curse. After decades characterized by several oil boom eras, Nigeria is yet to transform to a developed economy. The country has been ravaged by corruption from government after government.