Reports show that Angola and Libya have both overtaken Nigeria as Africa’s biggest crude oil producers.
Nigeria’s crude oil production for August averaged 1.100 million barrels per day.
The loss of its leading OPEC position is contained in the cartel’s Oil Market Report for September 2022 released yesterday.
The figure, according to the report, was 65,000mb/d lower than the 1.164mb/d produced averagely in July.
While, Angola was Africa’s highest crude oil producer for the month under review with an average production of 1.187mb/d, Libya’s crude oil production averaged also 1.123mb/d for the period.
The report said: “According to secondary sources, total OPEC-13 crude oil production averaged 29.65 mb/d in August, higher by 618,000 month-on-month.
“Crude oil output increased mainly in Libya and Saudi Arabia, while production in Nigeria declined.”
Further in the report, Nigeria’s real Gross Domestic Product (GDP) rose by 3.5% year-on-year this year following growth of 3.1% in the first quarter of 2022.
It noted that the expansion was mainly driven by the non-oil sector, which grew by 4.8 percent year on year
“On a quarterly basis, the GDP shrank by 0.37 percent following a 14.66 percent contraction in the previous quarter.
“Nevertheless, the annual inflation rate surged to the highest since September 2005, climbing to 19.6 percent y-o-y in July from 18.6 percent in June.
“This was a result of the weakening naira due to continued high imported input costs as well as soaring fuel prices.
“Moreover, food inflation increased to 22 per cent y-o-y, the highest since May 2021,” it added.