The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency.
It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy.
The Washington-based bank said this in a new report titled ‘Migration and Development Brief titled ‘A War in a Pandemic: Implications of the Ukraine crisis and COVID-19 on the global governance of migration and remittance flows.
The report read in part, “Nigeria has not been able to benefit from higher oil prices to date as: oil production declined in 2021 due to lack of maintenance and loss of infrastructure efficiency; and domestic petrol prices remain fixed—increasing the cost of the ‘Premium Motor Spirit’ subsidy, a large and growing fiscal burden.”
In a different World Bank report, titled ‘Global Flaring and Venting Regulations: 28 Case Studies from…