Nigeria’s Oil Consumption Grows, Yet Volatile

Oil and Gas

Oil consumption in Nigeria increased 224 thousand barrels per day in 2010 to 635 thousand barrels per day in August 2018. However, according to Knoema, this was 18.28 percent decline in crude oil consumption in July 2018. Thus while crude oil consumption has been increasing on an annual basis in Nigeria, it has been subject to significant monthly variation. This variation can be tied to economic as well as seasonal factors, such as during festive period, consumption usually reaches it peak towards the end of the year.

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