The organisation of the Petroleum Exporting Countries (OPEC), has announced that the countries, Angola and Libya have defeated Nigeria as Africa’s highest crude oil producers.
This was recorded in OPEC’s Oil Market Report for September 2022, according to News Agency of Nigeria on Tuesday in Lagos.
Nigeria’s crude oil production for August averaged 1.100 million barrels per day, the report noted.
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This explained a decrease of 65,000mb/d when compared to the 1.164mb/d average production in August.
Angola emerged as Africa’s highest crude oil producer for the month with an average production of 1.187mb/d.
For Libya, crude oil production averaged 1.123mb/d for the month.
“According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month.
Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined,” the report said.
The report said Nigeria’s real Gross Domestic Product expanded by 3.5 per cent year-on-year in 2022, following growth of 3.1 per cent in the first quarter of 2022.
It noted that the expansion was mainly driven by the non-oil sector, which grew by 4.8 per cent y-o-y.
Quarterly, the GDP shrank by 0.37 per cent following a 14.66 per cent contraction in the previous quarter.
“Nevertheless, the annual inflation rate surged to the highest since September 2005, climbing to 19.6 per cent y-o-y in July from 18.6 per cent in June.
“This was a result of the weakening naira due to continued high imported input costs as well as soaring fuel prices.
“Moreover, food inflation increased to 22 per cent y-o-y, the highest since May 2021,” the report said.
Further examining the decrease, it noted August’s Stanbic IBTC Bank Nigeria Purchasing Manger’s Index fell to 52.3 from 53.2 in July.
The fall, according to the report occurred amid slower growth in non-oil output, and a downshift in purchases.
In the future, Nigeria’s economy might still be influenced by the high level of employment with raised price levels.
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