1. Home
  2. Africa
  3. West Africa
  4. Nigeria

Oil price fall cost Nigeria US $2.3 billion

The fall in crude oil prices has cost the oil-rich west Africa country at least 200 billion naira (US $2.3 billion) in 10 months, military ruler General Abdulsalami Abubakar told the newspaper ‘This Day’ in an interview published today. The report, quoted by AFP, said the fall from an average of around US $22 per barrel when the budget was announced in January to $9.9 by October “has messed up the budget.”

Nigeria had projected 424 billion naira as total revenue for the fiscal year which began in January and ends in December 1998. Of this figure, 257 billion naira was expected from the oil sector and 167 billion naira from non-oil revenue.

Nigeria, the sixth largest oil exporter in the World, produces around two million barrels per day and earns about $10 billion annually from the sector.


This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

Share this article
Join the discussion

Hundreds of thousands of readers trust The New Humanitarian each month for quality journalism that contributes to more effective, accountable, and inclusive ways to improve the lives of people affected by crises.

Our award-winning stories inform policymakers and humanitarians, demand accountability and transparency from those meant to help people in need, and provide a platform for conversation and discussion with and among affected and marginalised people.

We’re able to continue doing this thanks to the support of our donors and readers like you who believe in the power of independent journalism. These contributions help keep our journalism free and accessible to all.

Show your support as we build the future of news media by becoming a member of The New Humanitarian. 

Become a member of The New Humanitarian

Support our journalism and become more involved in our community. Help us deliver informative, accessible, independent journalism that you can trust and provides accountability to the millions of people affected by crises worldwide.

Join