Nigeria Reclaims Top Spot As Africa's Oil Producer

By John Ikani

Nigeria has reclaimed its crown as Africa’s leading producer of crude oil, according to the latest monthly report released by the Organisation of Petroleum Exporting Countries (OPEC) on Tuesday.

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The report revealed a rise in Nigeria’s average daily crude oil production to 1.28 million barrels per day (bpd) in April.

This increase of 4.07% from the 1.23 million bpd recorded in March marks the first month-on-month production growth for Nigeria this year.

With this surge, Nigeria has overtaken Algeria (currently producing 907,000 bpd) to reclaim the top spot in African oil production.

OPEC’s report further highlights that global crude oil output saw a rise primarily in Congo and Iran, while countries like Nigeria, Iraq, and Venezuela experienced a decrease in production.

The development in April’s production numbers suggests a potential revenue boost for Nigeria.

Recall that in March, Libya surpassed Nigeria to become Africa’s top oil producer.

Regaining the top spot could translate into a positive economic impact for the country.