According to the Nigeria Employers' Consultative Association (NECA), Nigeria is losing more than $2.5 billion every month as a result of its inability to meet OPEC's demand for 1.8 million barrels of crude oil per day.
Adewale-Smatt Oyerinde, the Director-General of NECA, claimed in a statement that although the nation's crude oil production increased by 4.2% to 1.23 million barrels per day, it was still inefficient.
He asserted that continuous oil theft and an unjustified subsidy on petroleum products had reduced the government's earnings and contributed to an excessive buildup of debt.
Despite a 4.2% monthly rise to 1.23 million barrels per day in December 2022, this was still far below the 1.8 million barrels per day that OPEC had allotted to the nation. At an average price of $100 per barrel, this amounted to a monthly loss of about $2.5 billion.