Report projects Nigeria’s oil revenue could fall by more than 60% from 2030

Summary

A report warns that Nigeria’s oil revenue could drop by more than 60% from 2030 as global demand for crude weakens.

Highlights

• The projection is tied to a broader shift away from crude oil toward renewables and electric vehicles.
• The report says global oil demand is likely to plateau in the coming decade, with a peak expected in the early 2030s.
• It warns that lower oil income could make it harder for affected countries to fund public services and service debts.
• The report says Nigeria is especially exposed because of its heavy dependence on oil revenue and limited diversification.
• It also cites Algeria as another vulnerable producer, projecting an 87% decline in oil revenue.