Nigeria Reclaims its Rank as Top Oil Producing African Nation

Nigeria has reclaimed its rank as the top crude oil producer in Africa for May 2023, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Market Report (MOMR).

Nigeria produced 1.184 million barrels of crude oil per day during the month, the report showed, in comparison with Libya which produced 1.158 million barrels per day.

Meanwhile, Angola produced 1.111 million barrels per day, and Algeria produced 962,000 barrels per day, according to the MOMR.

The report also indicated that Nigeria’s economy expanded by 2.4% year-on-year in the first quarter of 2023.

However, the report attributed the slow growth to various factors, including a decline in crude oil output.

According to the report, in April 2023, Nigeria experienced its first decline in crude oil production, with OPEC reporting a daily output of 999,000 barrels.

OPEC MOMR/Hauwa Abu