According to the Organisation of Petroleum Exporting Countries' (OPEC) November Monthly Oil Market Report, Nigeria's average daily crude oil output increased by 9,000 bpd, from 1.324 million bpd in September to 1.333 million bpd in October, representing a 0.68 percent gain.3 This is a positive development for Nigeria. However, the rise in oil output is 167,000 bpd below OPEC's 2024 production quota of 1.5 million bpd and 447,000 bpd lower than the Federal Government's 2024 budgeted benchmark of 1.78 million bpd. The country's inability to meet OPEC's quota, as well as the government's projected quota for 2024, can be attributed to multiple factors, including oil theft and the inability of relevant stakeholders or players in the oil industry to act in a timely manner (for example, in procurement), which continue to impede the achievement of both quotas. Such developments could impact the economy negatively, particularly government finances. Specifically, the country's inability to meet the quotas could have a detrimental impact on national reserves and revenue, reducing capital availability to finance developmental projects in the country. Thus, the government must strengthen efforts against oil theft and bunkering by working with local communities and imposing harsher penalties for unlawful operations in oil-producing communities. The government also needs to strengthen existing investment policies to attract private investors who can invest in modern-day oil facilities or infrastructure to increase oil production.

According to data from the Central Bank of Nigeria (CBN), Nigeria's total foreign reserves stood at $40.79 billion on December 19, 2024, up 1.24% from $40.29 billion on the same day the previous month. Compared to December 19, 2023, the nation's reserves increased by 24.36 percent from $32.8 billion in the same period in 2024. The data also shows that the reserves hit its highest level on December 10, 2021, when it was at $40.89 billion. This gain in foreign reserves follows a drop below $34 billion earlier in 2024, when reserves were adversely affected by foreign exchange market pressure and global oil market uncertainty. The CBN's policy reforms to increase remittance inflows, as well as its engagements with International Money Transfer Operators (IMTOs) and Nigeria's diaspora, all contributed considerably to the increase in reserves. While an increase in reserves is crucial for economic development, a continuous increase at a desirable level is required to signal the nation's financial strength and stability to investors, resulting in increased foreign investment and economic progress. To boost external reserves, the government must expand exports, maintain sustainable levels of foreign debt, and improve its investment climate.

The National Bureau of Statistics' report showed that in the third quarter of 2024, Gross Domestic Product (GDP) grew by 3.46%, representing a 0.92 percentage point rise from the 2.54% recorded in Q3 2023. The non-oil sector, the largest contributor to GDP, grew by 3.37% in Q3 2024. Growth in the non-oil sector was driven by financial institutions, information and communication technology, agriculture, and trade, among other sectors.

The National Bureau of Statistics' Liquefied Petroleum Gas (LPG)/Cooking Gas Price Watch for October 2024 showed a 3.2% month-on-month increase in the average cost of refilling a 5 kg cylinder, from N6,699 in September to N6,915 in October. Similarly, the average retail price of refilling a 12.5 kg LPG cylinder rose by 2.58%, from N16,313 in September 2024 to N16,743.55 in October 2024. According to state-level analysis, Borno state recorded the highest petrol prices at N7,939, followed by Yobe state at N7,580, and Benue state at N7,578, while Katsina state had the lowest prices at N6,270, followed by Zamfara state at N6,410, and Delta state at N6,427. The month-on-month increase in petrol prices can be ascribed to global market fluctuations and supply chain interruptions, which have increased the cost of importing LPG. This increase in cooking gas costs has a detrimental impact on household welfare nationwide, particularly for low- and middle-income families that spend a significant portion of their income on cooking fuel. 

According to the National Bureau of Statistics (NBS) Premium Motor Spirit (Petrol) Price Watch report, the average price of Premium Motor Spirit (petrol) rose by 14.98% in October to N1,184.83, from N1,030.46 in September, this reflects an 87.88% increase from N630.63 in October 2023. Across the six zones, the South-East recorded the highest average retail price at N1,256.76, while the North Central zone had the lowest price at N1,132.94. Among states, Ebonyi had the highest retail price at N1,292.86, followed by Jigawa at N1,288.18 and Borno at N1,283.79. In contrast, Delta had the lowest petrol prices at N1,050.00, followed by Nasarawa at N1,063.68, and Lagos at N1,080.95. The government's policy to establish market-based pricing and the withdrawal of subsidies in May 2023 has contributed to the ongoing rise in fuel costs. The high cost of petrol has contributed to the high cost of living by increasing transportation costs, and operational expenses for businesses. This has disproportionately affected small and medium-sized enterprises (SMEs) which lack the resources to absorb these costs, resulting in lower profitability and layoffs. Given the consequences of rising PMS prices, the government needs to provide targeted support for low-income households, encourage private sector investment in refineries, rehabilitate existing refineries to meet domestic gasoline demand, and possibly cut costs.