CBN Blames Oil Revenue Crash on Ageing Pipelines, Operational Inefficiencies in Nigeria

The Central Bank of Nigeria blames ageing pipelines and operational inefficiencies as the main causes of a significant decline in oil revenue for Q3 2024. The issue has led to a notable drop in oil revenue, impacting the country's economic stability.

The Central Bank of Nigeria (CBN) has linked a sharp decline in oil revenue for the third quarter of 2024 to the ageing and deteriorating state of its pipeline infrastructure. The bank attributed this decline to operational inefficiencies, stating that these issues have significantly impacted the country's ability to extract and sell crude oil effectively. As a result, oil revenues have suffered a notable downturn, underscoring the need for urgent investment in pipeline maintenance and upgrade.