Nigeria’s crude oil output is increasing again, rising to about 1.6 million barrels per day. Nigeria has failed to meet its OPEC production target for the past year.
Nigeria lost up to 8. 14 million barrels in August, according to a Nigerian National Petroleum Company Limited presentation at the September Federation Account Allocation Committee.
According to the Bureau’s GDP Sector Report, the oil sector’s 5. 7% real GDP contribution in Q3 2022 was down from the 6. 3% real GDP contribution recorded in Q2 2022.
According to economists, the account has been depleted over the past eight years as a result of a lack of inflows, fluctuations in the oil market, and the country’s revenue shortfall.