Nigeria’s earnings from crude oil export rose by N337 billion in March to reach N1.8 trillion. This occurred when the nation increased its daily crude oil production goal from 1.3 million barrels in February to 1.6 million barrels in March. The output in January was 1.25 mbps, while in February it was 1.3 mbps.
According to shipping information obtained from Refinitiv Eikon, the nation met its 1.6 mb/d production goal for the first quarter of 2023. The country’s increased production has in turn made a substantial contribution to the Organization of Petroleum Exporting Countries’ (OPEC) March oil production of 28.90 mbpd.
The total amount of barrels produced for the month was 49,600,000. Overall earnings from the production of crude oil were about N1.8tn.