Nigerias oil earnings dip 34 1 q1 2016

According to reports, Nigeria's oil earnings dipped by 34.1% in the first quarter of 2016 compared to the same period in 2015. This decline was attributed to a combination of factors, including:

  1. Lower oil prices: The global oil price slump, which began in 2014, continued to affect Nigeria's oil earnings. The average price of Brent crude oil, Nigeria's main export, fell to around $34 per barrel in Q1 2016, down from around $63 per barrel in Q1 2015.
  2. Production decline: Nigeria's oil production also declined in Q1 2016, due to a combination of factors including pipeline vandalism, theft, and technical issues. The country's average daily oil production fell to around 1.6 million barrels per day (mb/d) in Q1 2016, down from around 2.1 mb/d in Q1 2015.
  3. Exchange rate fluctuations: The Nigerian naira, the country's currency, depreciated significantly against the US dollar in Q1 2016, which also affected the country's oil earnings.

As a result of these factors, Nigeria's oil earnings fell to around $4.4 billion in Q1 2016, down from around $6.7 billion in Q1 2015. This decline had significant implications for the country's economy, as oil revenues account for a significant portion of Nigeria's government revenue and foreign exchange earnings.

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