Nigeria’s crude oil production was on the upward swing in February, with the country pumping about 70,000 barrels per day above its Organisation of Petroleum Exporting Countries (OPEC) quota, a Reuters survey indicated yesterday.
It also saw OPEC oil output rise last month, as Iranian exports held strong, despite renewed US attempts to curb the flows, and Nigeria boosted output above its target of 1.5 million bpd within the wider OPEC+ group.
Nigeria’s growing oil production means boosted revenues and a stronger foothold in the global energy market as the government’s coffers swell, offering opportunities for investment in public services, industrialisation, and the much-needed diversification of the economy.
The increased output also strengthens Nigeria’s geopolitical influence, positioning it as a formidable player in OPEC and a crucial supplier to energy-hungry nations.
However, it also exposes the country to the volatility of oil prices, where global market fluctuations can turn boom into bust in a heartbeat.
Thus, the implications of Nigeria’s growing oil production are manifold—offering promise that the country is able to produce its projected 2.06 million bpd in 2025 and ultimately fund its almost N55 trillion budget this year.
