Nigeria has reclaimed its position as the top crude oil producer in Africa, according to a recent report by the Organization of Petroleum Exporting Countries (OPEC).
OPEC indicated that the country’s daily crude oil production of over one million (1.184m) barrels in May 2023 surpassed that of Libya and Angola.
The report also highlighted Nigeria’s economic growth, which expanded by 2.4 per cent year-on-year in Q1 2023, despite several factors that contributed to slow growth, including a decline in crude oil output.
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Nigeria’s crude oil production witnessed a decline in April 2023, with OPEC reporting a daily output of nine hundred and ninety-nine thousand barrels.
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The above decrease in oil production was accompanied by various economic challenges, such as high inflation, import restrictions, and a decrease in business activity and consumer spending.
The annual inflation rate, OPEC said, reached 22.2 per cent in April 2023, indicating a continued acceleration compared to the previous month.
It was learnt that the slowdown in the services, manufacturing, and agricultural sectors contributed to the economic burden faced by Nigeria.
The development comes just weeks after the removal of petrol subsidy following the inauguration of President Bola Ahmed Tinubu.
