With a maximum crude oil production capacity of 2.5 million barrels per day, Nigeria ranks has Africa’s largest producer of oil and the sixth largest oil producing country in the world.
Nigeria has made an unimaginable sum of money from oil in the last 5 decades according to details revealed by the statistics agency.
The National Bureau of Statistics says Nigeria has realised more than N 118 tn from crude production and refining from 1961.
The NBS report , which has additional data from the Nigerian National Petroleum Corporation, collated its statistics from 1961 till 2014 .
“The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion barrels of crude oil valued at N118 . 49 tn has been produced between 1961 and 2014 .
“The highest barrels of crude production was recorded in the year 2005 with 918 .66 million barrels valued at N6 .14 bn.
“The lowest was, however , recorded in 1961 with 16 .80 million barrels valued at N 18 . 73 m.
“The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844 .19 million of crude oil has been received and 835 .58 million processed within the period under review, ’’ the report stated .