Oil and gas GDP of – 6.6 percent may worsen if Nigeria adhere strictly to its production cut agreement with other major oil-producing countries, a decision which may bite harder on the people in 2020 fiscal year as the federal government adjusts to the realities of dwindling oil revenue.
Due to lower oil prices and the partial compliance to Organisation of Petroleum Exporting Countries (OPEC) output cuts, Nigeria’s oil and gas sector recorded a sharp reduction in real GDP by 6.6 percent, according to National Bureau of Statistics (NBS).
NBS data also revealed Nigeria had an average daily oil production of 1.81...for further reading, click on https://businessday.ng/energy/oilandgas/article/stricter-adherence-to-opec-cut-may-worsen-oil-and-gas-gdp-of-6-6/
SOURCE: BusinessDay Newspaper Aug 25,2020.