According to a recent report by the Organization of Petroleum Exporting Countries (OPEC) report, Nigeria has regained its position as Africa’s top crude oil producer.
According to OPEC, the nation’s daily crude oil production in May 2023 surpassed that of Libya and Angola by more than one million (1.184 million) barrels.
In addition, the report emphasized Nigeria’s economic expansion, which grew by 2.4% year-over-year in Q1 2023, despite a number of factors that slowed growth, including a decrease in crude oil production.
OPEC reported a daily output of 99,000 barrels of crude oil in April 2023, indicating a decline in Nigeria’s crude oil production.
The above decline in oil creation was joined by different monetary difficulties, like high expansion, import limitations, and a reduction in business action and purchaser spending.
OPEC reported that the annual rate of inflation reached 22.2% in April 2023, indicating a continued acceleration in comparison to the month before.
It was learned that Nigeria’s economic burden was made worse by the [highlight color=”green”]slowdown in the agricultural, manufacturing, and services sectors[/highlight].
The change comes just a few weeks after President Bola Ahmed Tinubu‘s inauguration ended the fuel subsidy.
