Nigeria reportedly produces about 1.8 million barrels per day of crude oil, with domestic consumption hovering around 500,000 bpd.
However, a barrel of crude in Nigeria costs between $25 and $45 to produce. The actual production cost is about $12 to $15. What drives it up to $45 is the cost of security and dilapidated infrastructure. The oil-producing companies have inflated the security cost per barrel.
Selling petrol at N300 per litre, which reflects the true production cost, would improve productivity. The government cannot punish Nigerians for its inability to secure its borders.

Donald Duke, former Presidential Candidate



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