Iran’s oil exports under Biden and the impact on Nigeria
Joe-Biden and Nigeria. Source: Stears Business

Nigeria can produce roughly two million barrels of crude oil per day. That’s a large number until you consider that it was roughly the same amount the country could make in the 1980s. We have been trying to grow our oil production since then but to no avail.

Other countries, however, have seen their production rise. 

In the 40 years between 1980 and 2020, the United Arab Emirates grew its production from 1.7 million bpd to 2.8 million barrels per day (bpd). Our African counterpart, Angola, has gone from 150,000 bpd to 1.8 million bpd. 

Despite being the centre of wars and civil unrest for the past 40 years, Iraq has also managed to grow its production from one million bpd in 1981 to four million bpd in 2019.

In August 2019, Nigeria aimed to increase its production to three million bpd by 2023, but the opposite has happened. Due

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Osato Guobadia

Osato Guobadia

Read Latest

Pound getting pounded: What can Nigeria learn from the UK?

PREMIUM - 30 SEP 2022

Why Nigeria's population should matter to its next President

PREMIUM - 29 SEP 2022

How can Nigeria’s federal government improve its spending?

PREMIUM - 28 SEP 2022

How should Nigeria remove its fuel subsidy?

PREMIUM - 27 SEP 2022

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download