Crude oil production in Nigeria fell by -11.6 per cent (or 163,000 barrels per day) last year to 1.235 million barrels per day (mbpd) in December 2022, as the country loses revenue to activities of oil vandals and oil theft.
Ripples Nigeria had reported the country lost its position as the largest crude oil producer in Africa to Angola in the second quarter (Q2) and third quarter (Q3) of 2022, with production dropping to 0.937 million barrels per day in September.
During that period, crude oil exports also declined from N5. 91 trillion in Q2 2022 to N4. 66 trillion in Q3 2022 due to oil vandals and oil theft, causing revenue loss on the part of the government.
