Nigeria’s oil production was significantly disrupted due to a nationwide strike by oil workers protesting the government’s minimum wage proposal. This one-day strike is estimated to have cost the country N148.8 billion in lost oil revenue.
Oil worker unions, PENGASSAN and NUPENG, had previously threatened to shut down oil facilities. Industry sources confirmed that on Monday, strike action led to production stoppages at numerous oil installations.
This halt in production, combined with the daily oil output (excluding condensates) of 1,281,478 barrels, the price of Brent crude ($78.27 per barrel on Monday), and the official exchange rate, translates to a significant financial loss for Nigeria.
Source: Punch