March 10, 2023

Nigeria Economic Update (Issue 6)

According to direct communication data in February 2023 from the oil market report produced by the Organisation of Petroleum Exporting Countries (OPEC) in January 2023, Nigeria’s crude oil production increased to 1.258 million barrels per day (bpd) from a total oil production figure of 1.235 million bpd in December 2022. This represents an increase of 23,000 bpd in January 2023 when compared with the preceding month, December 2022.

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Nigeria Economic Update (Issue 13)

Recent Data on Nigerias Real GDP growth rate (Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3 to 2.11 percent in 2015Q4. The slowdown in economic growth was largely driven by the decline in the performance of the oil sector which was occasioned by the slump in crude oil prices and the slight drop in the volume of crude oil produced. Specifically, compared to the 1.05 percent growth recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.