According to the World Bank, the 40% decrease in Nigeria’s oil production last year was caused by technical issues, insecurity, rising production costs, theft, a lack of payment discipline in joint ventures, and other factors.
In the last eight years, according to a statement from the Ministry of Finance, Budget, and National Planning, the excess crude account has decreased by 89%, going from $4.1 billion in November 2014 to $472,513 in the same period in 2022. Hence, The World Bank predicted that in 2023 and 2024, the nation’s growth will slow to 2.9%.
As of November 23, 2022, the balance was $472,513.64. Due to a lack of inflows, fluctuations in the oil market, and changes in the country’s revenue, the account has been depleted over the past eight years. Experts have argued that Africa Nigeria inclusive needs to diversify its economy away from oil and gas.