Have you ever wondered how much it costs Nigeria to produce crude oil?

That factor is a significant determinant of how much Nigeria benefits from rising global oil prices.

As at last year, it cost Nigeria $23 to produce one barrel of crude but the Nigerian National Petroleum Corporation, NNPC said on Monday it has now reduced it further to $20.

According to the corporation, additional measures have been put in place to further reduce the cost to $15 per barrel.

Also Read: 3 Things Nigeria Can Do With Increased Oil Revenue Earnings

The corporation also on Monday announced that it had signed four memoranda of understanding with state governments for the production of biofuel to complement the volume of petrol being supplied across the country.

The Group Managing Director, NNPC, Maikanti Baru, disclosed these during the ongoing Science Fair in Abuja.

Baru, who was represented by the NNPC’s Chief Operating Officer, Gas and Power, Mohammed Seidu, noted that the reduction in crude production cost would lead to an increase in the Federal Government’s revenue.

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