Nigeria's crude oil output goes down again in March - OPEC

The Organization of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped again in March.

OPEC data based on direct communication show that Nigeria's average daily production dropped to 1.2 million barrels, from 1.3 in February.

"The only sector we continue to depend on for revenues is collapsing right under our nose. How can you project a crude production of 1.7 million barrels a day and you are struggling to do 1.2 million barrels. How do you want to survive? That is over 30 percent of your expected revenue gone."

Nigeria's government targets a daily production of 1.7 million barrels, including condensate, in 2024. However, the nation still faces challenges including pipeline vandalism and theft.

Since Nigeria’s 2024 budget heavily depends on proceeds from crude sales, Isaac Botti calls for efforts to diversify sources of income.

"Why do we abandon the manufacturing sector? Why did we abandon the agricultural sector, that used to be the economic mainstay of Nigeria in the 1950s, in the 1960s? Why did we abandon those things? We need to go back to those things."

The Minister of state for Petroleum Resources, Heineken Lokpobiri, has attributed the low crude oil production in the first quarter of the year to issues with the Trans-Niger pipeline [Editor's note: a major oil pipeline in the country] and maintenance activities by some oil companies. He assured a swift recovery.