In a significant revelation, the Nigeria Extractives Industries Transparency Initiative (NEITI) has announced that the country earned a staggering $741.48 billion from the oil and gas sector over the span of 21 years, from 1999 to 2020.
During a Multi-stakeholder Roundtable held in Abuja, Dr. Ogbonnaya Orji, the Executive Director of NEITI, shared this remarkable statistic. He also highlighted that NEITI has conducted 30 reconciliatory reports, shedding light on the fact that Nigeria generated N635.3 billion from the solid mineral sector between 2006 and 2020.
However, the report also mentions a disheartening figure—Nigeria lost a whopping 619.7 million barrels of crude oil during the period from 2009 to 2020, which amounts to a staggering $46.16 billion or N16.25 trillion in value.
Dr. Orji further specified, “These earnings were accumulated between the years 1999 and 2020 for the oil and gas sector, and 2006 and 2020 for the solid minerals sector.”
