Nigerian economy lost N1.0trn in six months to attacks on oil facilities

About N1.0 trillion may have been lost to production shortfalls due to the resurgence of attacks on oil and gas facilities in the Niger Delta, between January and June 2016 as well as various facility related repairs and leakages, Energy mix reports.

In the first quarter, going by the figures of the Central Bank of Nigeria (CBN), at 1.82 million barrels per day, bpd, down from targeted 2.2 million bpd, the country recorded a total production shortfall of 380,000 barrels per day, bpd.

However, the shortfalls worsened in the second quarter as the Minister of State for Petroleum Resources and former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe kachikwu, stated that Nigeria’s crude oil output had dropped to 1.6 million bpd, giving a shortfall of 600,000 bpd.