Fact-Check: Did OPEC say Nigeria sold oil worth $206 billion between 2015 and 2019?

Fact-Check: Did OPEC say Nigeria sold oil worth $206 billion between 2015 and 2019?

Claim: A widely shared Whatsapp status screenshot claims that the Organization of the Petroleum Exporting Countries (OPEC) says Nigeria sold oil worth $206 billion between 2015 and 2019.

Full Text: The text which is widely circulated on Whatsapp and Facebook reads: “OPEC says Nigeria sold oil worth $206 billion between 2015 – 2019. If it is true, why borrow $81? What in God’s name is going on in Nigeria?”

Nigeria became 11th member of OPEC on July 12, 1971 when other members unanimously accepted the country’s application at a Conference. 

There are six petroleum exportation terminals in the country. Shell owns two, while Mobil, Chevron, Texaco, and Agip own one each. Shell also owns the Forcados Terminal, which is capable of storing 13 million barrels (2,100,000 m3) of crude oil in conjunction with the nearby Bonny Terminal.

Verification:

PRNigeria conducted a keyword search and media reports here, here, here, and here among other credible sources revealed that the Organization of Petroleum Exporting Countries (OPEC) has reported that Nigeria has generated $206 billion in revenue from crude oil exports between 2015 and 2019.

In its 2020 OPEC Annual Statistical Bulletin released recently, the oil cartel said Nigeria’s petroleum imports from 2015 to 2019 was valued at $264.57bn, while its exports during the same period was $206.07bn.

According to reports, President Muhammadu has borrowed $2.02 billion from China since he assumed office but the debt raised to $3.40 billion as of March 2020.

According to the latest update released by the debt management office, Nigeria’s public debt is now N41 trillion as at March, 2022.The country’s debt stood at N39.556 trillion in December, 2021. The new figures mean that another N2.048 trillion has been added to the country’s debt in the three-month period between December 2021 and March 2022.

Conclusion:

Based on facts gathered by PRNigeria, the claim that OPEC said Nigeria sold oil worth $206 billion between 2015 and 2019 is true.

However, Nigeria did not borrow $81 billion recently as suggested by the Whatsapp status, rather it obtained loans totalling $2.02 billion from China about a year ago thereby increasing the country’s debt profile. 

By PRNigeria