In October 2023, Nigeria bolstered its status as Africa’s foremost oil producer, reporting a crude oil production of 1.351 million barrels per day (mbpd), as per data released by the Organisation of the Petroleum Exporting Countries (OPEC). This figure marks an increase from the 1.347 mbpd recorded in the preceding month of September.
The consistent growth in oil production affirms Nigeria’s dominance in the African oil market, with the September output already positioning the country ahead of counterparts such as Libya and Angola. Algeria reported a crude oil production of 961,000 bpd in October, while Angola and Libya produced 1.147 mbpd and 1.188 mbpd, respectively.
Minister of State for Defence, Bello Matawalle, expressed optimism about Nigeria’s oil production reaching 1.9 million barrels per day by the end of the year. Matawalle attributed a previous decline in production to oil theft activities in the Niger Delta region but highlighted the positive impact of government actions and military interventions against oil thieves.
“Before now, due to oil theft activities in the Niger Delta region, oil production dropped to about one million barrels per day. But with the Federal Government’s actions and the onslaught of the combined military against oil thieves, the production stands at 1.7 million barrels per day currently. We are hoping that at the end of this year, we will reach about 1.9 million barrels per day,” stated Matawalle.
This optimistic outlook reflects the government’s efforts to combat oil theft and boost production, underscoring Nigeria’s role as a key player in the global oil market.