According to the Organisation of Petroleum Exporting Countries' (OPEC) November Monthly Oil Market Report, Nigeria's average daily crude oil output increased by 9,000 bpd, from 1.324 million bpd in September to 1.333 million bpd in October, representing a 0.68 percent gain.3 This is a positive development for Nigeria. However, the rise in oil output is 167,000 bpd below OPEC's 2024 production quota of 1.5 million bpd and 447,000 bpd lower than the Federal Government's 2024 budgeted benchmark of 1.78 million bpd. The country's inability to meet OPEC's quota, as well as the government's projected quota for 2024, can be attributed to multiple factors, including oil theft and the inability of relevant stakeholders or players in the oil industry to act in a timely manner (for example, in procurement), which continue to impede the achievement of both quotas. Such developments could impact the economy negatively, particularly government finances. Specifically, the country's inability to meet the quotas could have a detrimental impact on national reserves and revenue, reducing capital availability to finance developmental projects in the country. Thus, the government must strengthen efforts against oil theft and bunkering by working with local communities and imposing harsher penalties for unlawful operations in oil-producing communities. The government also needs to strengthen existing investment policies to attract private investors who can invest in modern-day oil facilities or infrastructure to increase oil production.

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