Nigeria’s oil production decline has been mainly caused by faulty production machinery and oil theft. This led to the steady drop noticed in the sector in H2, 2022 as production figures steadied at about 1.1 million BPD.
There was, however, a recovery in output figures as the FG became determined to arrest some of the issues raised by stakeholders in the industry. The proactive measures taken by the FG shot up production figures to about 1.3 million BPD in Q1, 2023.
The production figures for April which is less than 1.0 million BPD, is the lowest production rate Nigeria has recorded in the year 2023.
