Nigeria’s oil production achieved a remarkable 6.3% increase, rising to 1.507 million barrels per day (bpd) in December 2024.
This was highlighted in the January 2024 edition of the Monthly Oil Market Report (MOMR).
The growth, stakeholders note, signals a renewed vigor in the country’s oil sector, highlighting a resilient recovery following a series of setbacks, including infrastructural challenges and security threats that had previously hindered production.
The rise in output is largely credited to comprehensive efforts aimed at strengthening the oil industry, such as improved security protocols for safeguarding critical infrastructure, enhanced operational efficiencies, and a renewed focus on attracting foreign investments to the sector. These initiatives have paved the way for smoother production processes and greater stability in the country’s oil operations.
The boost, experts note, is a welcome development for the country, which has been working to improve its oil production.
It’s worth noting that Nigeria’s oil production has been fluctuating over the years.
According to the Organisation of Petroleum Exporting Countries (OPEC), the country’s average daily crude oil production rose by 3.4% to 1.352 million barrels in August. However, this latest increase of 6.3% to 1.507 million barrels per day is a more substantial gain.
As Africa’s largest oil producer, Nigeria’s oil sector plays a crucial role in its economy.
Although oil revenues contribute significantly to the country’s GDP, the sector still faces challenges, including infrastructure issues and fluctuations in global oil prices.
Nigeria’s oil production has achieved a remarkable 6.3% increase, rising to 1.507 million barrels per day (bpd), as highlighted in the January 2024 edition of the Monthly Oil Market Report (MOMR). This growth signals a renewed vigor in the country’s oil sector, underscoring a resilient recovery following a series of setbacks, including infrastructural challenges and security threats that had previously hindered production.
The rise in output is largely credited to comprehensive efforts aimed at strengthening the oil industry, such as improved security protocols for safeguarding critical infrastructure, enhanced operational efficiencies, and a renewed focus on attracting foreign investments to the sector. These initiatives have paved the way for smoother production processes and greater stability in the country’s oil operations.
This upward trajectory not only positions Nigeria as a more competitive player in the global oil market but also serves as a beacon of hope for the nation’s economy, providing a vital source of revenue amid fluctuating global energy prices.