Nigeria’s oil production experienced a notable increase in January 2024, rising to 1.43 million barrels per day (bpd) from 1.34 million bpd recorded in December 2023, marking a 6.9% increase.
This surge in output has positioned Nigeria as the highest African producer, with Equatorial Guinea ranking last at 54,000 bpd. The rise in production has been attributed to successful efforts in combating oil theft, among other factors.
The increased oil output bodes well for Nigeria’s economic prospects, with projections suggesting that the nation is on track to meet its 2024 budget benchmark of 1.7 million bpd and $77 per barrel.
Sustaining the current tempo in the coming months could help Nigeria achieve its budget targets and enhance revenue generation in the oil sector.
Source: Vanguard