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Nigeria Earns $4.41b From Oil Export In 1 Month - Cbn - Business - Nairaland

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Nigeria Earns $4.41b From Oil Export In 1 Month - Cbn by oasis: 1:21am On Feb 28, 2006

NIGERIA realised $4.408 billion from crude oil production, including condensates and natural gas liquids, in December, 2005, according to the Central Bank of Nigeria (CBN) in its monthly report for December, 2005.

The CBN disclosed that Nigeria’s crude oil production for the month was estimated at 76.6 million barrels, while the product was sold at $57.55 per barrel.

The report indicated that Nigeria produced 2.47 million barrels of crude oil per day with an estimated daily revenue of $142.14 million from the sale of crude oil.

The revenue realised in December, according to the CBN, was much higher than the $4.11 billion realised from crude oil production in the preceeding month, having produced 72.23 million barrels in November, 2005 at $56.93 per barrel.

According to the CBN report, the price of Nigeria’s reference crude, Bonny Light, rose by $0.62 per barrel or 1.1 per cent over the price recorded in the preceding month.

Similarly, the prices of other competing crudes, namely the West Texas Intermediate, Brent, Arab Light and the Forcados, increased by 6.0, 2.1, 1.0 and 2.1 per cent to $59.29, $56.24, $51.88 and $57.74 per barrel respectively.

CBN attributed the rise in price to the high demand in the United States of America, occasioned by the cold weather in that country.

Meanwhile, non-oil export earnings by Nigeria’s top 100 exporters in December 2005 amounted to $59.58 million, indicating an increase of 12.4 per cent over the preceding month’s level.
Re: Nigeria Earns $4.41b From Oil Export In 1 Month - Cbn by oasis: 10:12pm On Feb 28, 2006
A nation earning well over $1 billion a week, wants to obtain $200 mil loan. Don't we have enough unpaid loans plaguing the country at the moment?

There is nothing inherently wrong with obtaining an interest-free loan, but it has to be paid back. And we all know that paying back loans is never easy in Nigeria. In addition, the loan would never be utilised for the purpose for which it was obtained. Instead, it's going into a few people's pockets.


NIGERIA is negotiating a $200 million (about N26 billion) interest-free loan from the World Bank for environmental development in Lagos State.

Finance Minister, Dr (Mrs) Ngozi Okonjo-Iweala, disclosed this yesterday just she described Nigeria's first-ever Sovreign credit rating by two of the world's leading rating agencies - Fitch and Standard & Poor, as a major breakthrough.

Speaking in Lagos at a breakfast meeting organised by Corporate Nigeria, Dr. Okonjo-Iweala said the facility would be specifically used for enhancement of solid waste disposal, drain clearance as well as slum development in Lagos State.

According to the Finance Minister, the development of the infrastructure was now a major challenge in the country.

She further stated that new efforts were now on to improve security and electricity supply, adding that government was building seven new power stations for which money had been provided.

On the favourable rating of the country by two international credit rating agencies, the Minister said the development was on indication of the progress made by the Federal Government in its reform efforts.

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