The Organisation of Petroleum Exporting Countries (OPEC), in its monthly oil market report for August 2023, revealed that Nigeria’s oil output fell by 13.6 per cent to 1.08 million barrels per day (mb/d) in July 2023. This indicates a 0.16 mb/d decrease from the 1.25 mb/d produced in June.This implies that the country is still operating below its capacity, below the current quota of 1.7 mb/d allocated by OPEC.
August 23, 2023
Nigeria Economic Update (Issue 31)
International Monetary Fund (IMF) revised down growth forecast for Sub-Saharan Africa by 0.2 percentage points, while retaining growth estimates for Nigeria and South Africa in 2017. Precisely, growth rate forecast for Africa was reduced from 2.8 percent in January 2017 forecast to 2.6 percent in April 2017 forecast while growth estimates were retained at 0.8 percent for both South Africa and Nigeria. In contrast, global economic growth outlook was increased by 0.4 percentage points from 3.1 percent to 3.5 percent within the same period. Growth in Sub-Saharan Africa is hampered by adverse cyclical and supply side factors, weak fiscal buffers and rising public debt amongst non-commodity exporters as well as severe drought was experienced in Eastern and Southern Africa