Nigeria's crude oil revenue soars by ₦274bn in September on improved output

Nigeria’s oil earnings surged by more than N273.8 billion in September 2023 on the back of an increase in crude oil output by sector operators.

According to the most recent figures from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria pumped 40,396,863 barrels of crude oil (excluding condensates) last month.

This was up from 36.6 million barrels of crude produced in August, implying that oil output increased by 3.8 million barrels in September.

According to Thomson Reuters statistics, the average price of Brent crude in September was $93.72 per barrel.

Nigeria’s oil revenues increased by more than $354.42 million, or N273.8 billion, in September by pumping an additional 3,781,738 barrels at an average cost of $93.72 per barrel, at an average exchange rate of N772.65 to a dollar in the review month.

Last week, Heineken Lokpobiri, the minister of state for petroleum resources (oil), informed journalists that Nigeria’s oil production has climbed to around 1.7 million barrels per day, up from 1.1 million barrels per day in August of this year.

Lokpobiri said that the increase in crude oil and condensate production was due to the government and sector operators identifying the source of the problem.

“We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that is the recipe for virtually all the problems we have in this country.

“You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough Forex,” he said.

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