The federal government’s ambition of industrialising the country may remain a pipedream, as it continues to export most of the country’s fossil fuels, which hit 86 per cent of total crude oil output and 36 per cent of total gas produced in-country in the whole of 2024.
Data obtained from the Nigerian Upstream Petroleum Commission (NUPRC) showed that the export market continued to dominate as compared to the domestic supply, thereby significantly slowing down the nation’s plan to power its economy.
THISDAY analysis of the data showed that the 86 per cent export was out of the 1.54 million barrels per day average crude oil production in 2024, while the 36 per cent gas export was from a total daily production of 6.9 billion Standard Cubic Feet (Bscf) of gas.
If Nigeria continues to export all its oil and gas without leveraging these resources for domestic industrialisation, this will likely slow down its drive to achieve a modern economy.
