Nigeria targets 3 million bpd oil output amid regional shifts

Nigeria, Africa’s largest crude oil producer, is working to revitalize its energy sector following a significant decline in output. While production reached 2.58 million barrels per day (bpd) sixteen years ago, it stood at 1.67 million bpd in August. Factors contributing to this decline include pipeline vandalism, crude oil theft, underinvestment, and the divestment of assets by international oil companies. The passage of the Petroleum Industry Act in 2021 and recent executive orders from President Bola Tinubu aim to boost investor confidence, with a target of reaching 3 million bpd by 2030.

In the broader African market, export volumes among top producers have seen fluctuations. Data indicates that Libya led seaborne crude oil exports with an average of 1.20 million bpd. Nigeria ranked second with 1.20 million bpd, representing a 15% decrease compared to the previous year. Angola followed in third place at 1.02 million bpd, while Algeria ranked fourth with an average of 380,000 bpd. The Republic of the Congo rounded out the top five with 260,000 bpd.