Nigeria, March 30 -- With oil revenues falling from $36.85 billion in 2024, the most recent balance of payments report underlines continuing obstacles in the main source of income for the nation. This comes even as total crude output increased considerably, suggesting that inconsistent production objectives and operational inefficiencies limited potential gains.

Though revenues from crude oil fell, Nigeria's larger oil and gas export sector displayed resiliency, The News Chronicle notes. Stronger gas revenues and rising exports of refined petroleum, mostly fuelled by the Dangote Refinery, helped total exports in the sector to reach $48.17 billion. At $10.51 billion, gas exports alone jumped, indicating a slow shift toward a more varied ...