Nigeria produced a total of 999,000 barrels per day (bpd) in the month of April 2023, according to the latest monthly oil market report of the Organization of Petroleum Exporting Countries (OPEC). This output, however, indicates a decline of 270,000bpd from the 1.27 million bpd produced in the month of March; it also represents the third successive decline in monthly oil production since February 2023 and the fourth production slump in the five months leading from December 2022. Consequently, Nigeria has once again lost its place as Africa’s highest crude oil producer, falling behind Angola, which produced a total of 1.06 million bpd in the period under review after improving by 91,000bpd from 972,000bpd in March 2023.
June 2, 2023
NIgeria Economic Update(Issue 19)
Related
Africa Economic Update (Issue 1)
Sub-Saharan Africa experienced its worst economic
performance in over two decades in 2016, with growth slowing to 1.5 percent.
The poor performance in South Africa and oil exporting countries is responsible
for attenuating regional growth rate, due to their high collective contribution
to regional GDP, despite robust performance in non-resource intensive countries.
Growth in Sub-Saharan Africa is projected to slightly improve in 2017 (2.9
percent) and further strengthen in 2018 (3.6 percent). At the sub-regional
level, growth prospect is estimated to be highest in West Africa (4.78
percent), attributable to 5.93 percent growth rate from West African Monetary
Union (WAEMU) Countries. East Africa is expected to grow at 4.5 percent,
Southern Africa 3 percent, and Central Africa 2 percent. Agricultural exporting
countries are projected to grow at around 7 percent, while oil producing
countries are estimated to grow at 1.9 percent, which indicates a recovery from
the negative growth recorded in 2016.