The precarious low into which Nigeria’s economy has sunk was disclosed on Friday as the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mallam Mele Kyari, said that the country begged buyers to buy her crude oil at $9 per barrel in April.
Oil is the mainstay of Nigeria;s economy; and the global oil benchmark, Brent crude, plunged to as low as $15.98 per barrel in April, its lowest since June 1999 amid the collapse in demand and the price war between Saudi Arabia and Russia.
“Actually, we sold oil at $9 per barrel in April, and practically we begged people to come and take,” Kyari said while addressing energy correspondents in Abuja on Friday.
He said the country achieved a production level of 2.49 million barrels per day in April, adding that the target of three million bpd was achievable.
The NNPC boss said 2020 had been a difficult year for the industry and the world economy, adding that the industry fundamentals had changed.
Punch
