Five local and International Oil Companies (IOCs) operating in Nigeria witnessed a
record-breaking profit of over $10 billion (N3.6 trillion) during the first quarter of 2017.
This significant performance has been attributed to the improvement in the prices of crude oil, which increased to less than $30 in 2014 and 2016.
Brent crude oil stood at $51.73 yesterday while West Texas Intermediate (WTI) was $49.33.
Global oil prices have fallen sharply over the past three years, leading to significant revenue shortfalls in many energy-exporting nations such as Nigeria.