August 10, 2023

Nigeria Economic Update (Issue 28)

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.

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Nigeria Economic Update (Issue 13)

Recent Data on Nigerias Real GDP growth rate (Year-on-Year) declined by 0.73 percentage points, from 2.84 per cent in 2015Q3 to 2.11 percent in 2015Q4. The slowdown in economic growth was largely driven by the decline in the performance of the oil sector which was occasioned by the slump in crude oil prices and the slight drop in the volume of crude oil produced. Specifically, compared to the 1.05 percent growth recorded in 2015Q3, the oil sector witnessed a negative growth of 8.28 percent in 2015Q4.