According to the Organisation of Petroleum Exporting Countries (OPEC) in its July 2023 Monthly Oil Market Report, Nigeria’s oil output dropped month-on-month (MoM), to 1.249 million barrels per day (mb/d) in June 2023. This represents a by 5.5 percent increase from 1.184 million mb/d recorded in May 2023. This output falls short of the country’s oil production quota of 1.74 mb/d assigned by OPEC and is also below the 2023 budget target of 1.69mb/d. This is a major source of concern, as the country is faced with challenges regarding revenue generation, with oil, the mainstay of the economy, being underutilised due to lower production levels.
August 10, 2023
Nigeria Economic Update (Issue 28)
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.