Nigeria's Crude Oil Production Hits 1.84 Million BPD
• Nairametrics • Business
As of April 2, 2026, Nigeria's crude oil production has risen to 1.84 million barrels per day (bpd), representing a 40.5% increase from the previous low of 1.31 million bpd recorded in February 2026. Oritsemeyiwa Eyesan, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, noted this rebound during a visit to the Ministry of Finance, coordinated by Minister Wale Edun. The latest figures indicate a strong recovery, especially compared to January 2026's output of 1.459 million bpd. Despite this increase, Nigeria still falls short of its Organization of the Petroleum Exporting Countries (OPEC) quota. The rise in production is seen as a positive signal for Nigeria's fiscal outlook, as crude oil exports account for 50% of total export earnings. However, the country faces a significant fiscal demand, with President Bola Tinubu recently requesting Senate approval for a raised 2026 appropriation bill amidst a substantial deficit of N23.85 trillion.
Topics: Oil and Gas, Economy