According to direct communication data in February 2023 from the oil market report produced by the Organisation of Petroleum Exporting Countries (OPEC) in January 2023, Nigeria’s crude oil production increased to 1.258 million barrels per day (bpd) from a total oil production figure of 1.235 million bpd in December 2022. This represents an increase of 23,000 bpd in January 2023 when compared with the preceding month, December 2022.
March 10, 2023
Nigeria Economic Update (Issue 6)
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Nigeria Economic Update (Issue 51)
According to figures released by the Nigeria Bureau of Statistics, employment growth lagged during the recession period, and worsened unemployment/underemployment rates few quarters after. Specifically, unemployment rate rose to 18.8 percent in 2017Q31, up from 16.2 percent in previous quarter (the recession-exit quarter) and 13.9 percent in corresponding quarter. Disaggregated figures reveal that the number of unemployed and underemployed persons in the labour force increased by 17 percent and 2 percent respectively, to 15.9 million and 18.0 million in 2017Q3, majority of which are young persons within ages 15-34.