Nigeria's oil and gas revenue will drop by 10 billion dollars in 2015, if crude oil price average 53 dollars per barrel compared to 77.5 dollars in 2014, the Oil Producer Trade Section (OPTS) has warned.

Mrs Elizabeth Proust, Chairman OPTS and Managing Director of Total Upstream companies in Nigeria, gave the warning on Thursday in Abuja at the 2015 Oloibiri Lecture Series and Energy Forum.

``We estimate that if crude oil price average $53 per barrel, compared to $77.5 in 2014, Nigeria's oil and gas revenue will decline by $10 billion this year or a gut wrenching 30 per cent.

``Total allocation to state governments was N620 billion in the last quarter of 2014, as the oil price was sliding 15 per cent lower than in the same quarter of 2013

``This is resulting in the slowing or cancelling of many infrastructure projects that Nigeria desperately needs,” Proust said.

She, however, said that in response to this challenge, businesses were adding more rigour to cost optimisation programme to boost the bottom line.

She said the solutions should include unlocking industry potential, redoubling efforts to improve capacity and efficiency of existing facilities and prioritise projects and investment.