Nigeria has maintained its position as Africa's leading crude oil producer with an output of 1.544 million barrels per day (mbpd) in May 2025, according to the latest report from the Organisation of Petroleum Exporting Countries (OPEC).
The figures, released in OPEC's 2025 Monthly Oil Market Data on Monday, show a slight increase of 1.44 percent from April's production of 1.522 million bpd, excluding condensate.
Nigeria's Regional Dominance
The report places Nigeria significantly ahead of its regional competitors, with Libya producing 1.36 million bpd, Algeria at 920,000 bpd, and Congo at 268,000 bpd. This leadership position reinforces Nigeria's status as a key player in Africa's oil industry despite ongoing challenges in the sector.
However, there appears to be a discrepancy in production figures, as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently reported a lower output of 1,452,941 barrels per day for the same period.
Budget Implications
The current production figures remain below the 2.06 million bpd benchmark set in Nigeria's N54.99 trillion 2025 budget, which was based on $75 per barrel and an exchange rate of N1,500 per dollar. This shortfall could potentially impact government revenue projections for the year.
Despite the gap between actual production and budget targets, Gbenga Komolafe, Chief Executive Officer of NUPRC, has assured that Nigeria's crude oil production capacity will see improvement in the coming months.
The oil sector remains crucial to Nigeria's economy, providing a significant portion of foreign exchange earnings and government revenue. Sustained leadership in production volumes could strengthen the country's position in ongoing OPEC+ negotiations and broader regional economic influence.
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