Nigeria’s crude oil production increased marginally from 1.307 million barrels per day (mbpd) in July to 1.352mbpd in August 2024, according to the latest Monthly Oil Market Report from the Organisation of the Petroleum Exporting Countries (OPEC). The report, released in September, revealed that the country added 45,000 barrels per day to its output, based on direct communications between OPEC and the Nigerian government.
This figure, however, contrasts with earlier claims made by the Federal Government regarding the country’s oil production levels. In an August 4 national broadcast, President Bola Tinubu stated that Nigeria had achieved a daily production rate of 1.6mbpd in July 2024. He credited the increase to the reforms introduced in May 2024, aimed at addressing gaps in the Petroleum Industry Act (PIA) and revitalizing the oil and gas sector.
“Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61 million barrels per day, and our gas assets are receiving the attention they deserve,” President Tinubu declared.
Supporting the president’s statement, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, also announced on July 26 that Nigeria’s daily oil production had risen to 1.61mbpd. However, OPEC’s September report places the figure lower, suggesting that while production has indeed increased, it has yet to reach the government’s projected levels.
The difference in figures raises questions about the actual production capacity and output of Nigeria’s oil sector, particularly as the country seeks to maximize earnings from its oil resources amid global market fluctuations. Nonetheless, the August increase reflects a steady improvement in crude production, albeit not at the scale previously suggested by government officials.
