The Organisation of Petroleum Exporting Countries (OPEC) reported in its last monthly oil market report that Nigeria produced 1.18 million barrels per day (mbpd) in crude oil for May 2023. This indicates a 185,000bpd increase over the 999,000bpd made in April, based on data from direct communication. Following this improved output, Nigeria has now reclaimed its top spot as Africa’s highest crude oil
supplier/producer, toppling Angola by 73,000bpd.
July 20, 2023
Nigeria Economic Update (Issue 26)
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Nigeria Economic Update (Issue 45)
Crude oil prices recorded increase during the review week. Global benchmark, Brent price increased from $61.42 to $63.522. Nigerias Bonny light gained 9.6 percent to trade at $64.78 per barrel. The weeks rise was at the backdrop of further prospective cuts agreement at OPECs meeting in November 2017 and political tensions and uncertainties in Saudi Arabia given that these events may likely reduce supply and support demand in the near term. Meanwhile, global crude oil market events have been favorable to Nigeria, as the price of bonny light at approximately $65 per barrel, reflects the highest in more than two years.
Nigeria Economic Update (Issue 20)
The Naira maintained slight appreciation against the dollar in the review week. At the parallel market, the value of the Naira appreciated week-on-week by 1.6 percent to exchange at N380/$ on May 19, 2017. In addition, inter-bank market rate appreciated slightly by 15kobo to N305.45/$. The appreciation in both segments of the market are favorable effects of the CBNs continued forex supply in the week under review (In a bid to further ease forex liquidity, the CBN pumped a total of $457.3 million on May 15, 2017).