Nigeria reclaims top spot among producers of crude oil in Africa.
According to the monthly oil market report released by the Organization of the Petroleum Exporting Countries (OPEC), Nigeria has reclaimed its position as the largest oil producer in Africa. In the month of May 2023, Nigeria reported a production of 1.18 million barrels per day, surpassing Angola and Libya.
During the previous month, Angola had produced more crude oil than Nigeria. However, Nigeria’s increased production volume of 185,000 barrels from April to May propelled it back to the top spot. Libya, on the other hand, experienced a decline in production, resulting in Nigeria surpassing it in terms of output.
Angola secured the third position with a production volume of 1.11 million barrels per day, showing a slight increase from the previous month. Algeria ranked fourth on the list, reporting a daily production of 962,000 barrels, with a decline of 37,000 barrels compared to April.
The report also highlights Nigeria’s economic growth, which expanded by 2.4% year-on-year in the first quarter of 2023. However, the report acknowledges that certain factors, including a decline in crude oil output, have contributed to the relatively slower growth of the Nigerian economy.
With Nigeria reclaiming its position as Africa’s largest oil producer and showing signs of economic growth, it underscores the importance of the oil industry to the country’s overall development and highlights the ongoing dynamics in the African oil market.