Nigeria's oil producers are clinging to razor-thin margins despite crude prices hovering around $70. After paying for production and protection, many firms are left with profits between $5 to $7 per barrel.
Indigenous producers surveyed by BusinessDay said they are fighting for survival as production costs around $40 per barrel combine with spiralling security expenses and other operating costs that have made Nigeria one of the world's most expensive places to pump oil.
The development contradicts public perceptions that crude prices hove
