Nigeria has been unable to meet its Organisation of Petroleum Exporting Countries (OPEC) quota for over 36 months, prompting the group to slash the country’s allocation from over 1.8 million barrels per day to 1.742 million bpd for this year and then to 1.38 million bpd in 2024.
The situation has heavily impacted the liquidity in the foreign exchange market in Nigeria, as the country earns over 90 per cent of its FX from the export of crude oil. Nigeria blames massive oil theft and incessant asset vandalism for the challenge.
The last THISDAY’s analysis of the oil sector’s underperformance earlier in September, showed that the nation was losing as much as 560, 000 bpd to prolonged underproduction.
