59yrs After First Oil Export In Nigeria

59yrs After First Oil Export In Nigeria

The Nigeria Extractive Industries Transparency Initiative (NEITI) on Thursday disclosed that 59 years after Nigeria exported its first vessel of oil, it still cannot state precisely the amount of oil it produces every day from her oil fields in the Niger Delta, THISDAY reports.

It said the country has continued to rely on production figures supplied by operators in the industry, but do not have an independent verification of the figures. NEITI also stated that the total amount of monies earned in 34 years – between 1981 and 2015, by Nigeria from the sale of crude oil was $715 billion.

Speaking at the third edition of the annual lecture of the Dauda Adegbenro Foundation at the University of Ibadan in Oyo State, the Executive Secretary of NEITI, Mr. Waziri Adio, stated that over the years, Nigeria has been unable to make the most of what it earned from its oil, as well as failed to place meters to verify her production volumes.

Adio also stated that the increasing volatility in oil prices and the commodity fast losing its once glorious relevance in the global energy mix meant that Nigeria has to quickly cut off its overreliance on oil.

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