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 38)
Available data from NBS shows that Aviation sub-sector of the transport sector grew by o.15 percent in real terms in 2017Q2 down from 1.53 percent in 2017Q15. The decline is likely attributable to fall in year-on-year passenger and aircraft movement in the sub-sector, following increased air fare charges.