The Federal Government’s earnings from the export of crude oil has recorded a recovery of 116% the Organisation of Petroleum Exporting Countries (OPEC) disclosed on Tuesday.
OPEC’s Secretary-General, Mohammad Barkindo, disclosed this in his address as the Honorary Conference Chairman of the Virtual 19th Nigeria Oil and Gas session.
OPEC said the 116% rebound was recorded in November this year when compared to its April 2020 levels.
The 13 nations intergovernmental organisation, which has Nigeria as a member, explained that Nigeria’s oil revenues had earlier dropped drastically by 77% between January and April this year.
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He also noted that the country’s economic contraction in the second and third quarters of 2020 was not as much as had been originally anticipated going by the impact of the COVID-19 pandemic globally.
Barkindo stated that considering the drop in revenues over this period, the government’s measures had helped minimise the effects of the economic downturn.
On the impact of the pandemic on revenues, OPEC said, “Nigerian crude oil export earnings plunged by 77% within three months between January to April 2020.
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