Country Economic Forecast - Nigeria

Country Economic Forecast - Nigeria

Nigeria has regained the title of 'Africa's largest oil producer' thanks to recovering oil production towards the end of last year. Output rose by 7.0% m/m to an average of 1.23 million barrels per day (bpd) in December due to successful efforts to repair oil infrastructure and expel illegal refineries. Overall, production declined from 1.31 million bpd in 2021 to a four-decade low of 1.15 million bpd in 2022, but is forecast to recover to an average of 1.3 million bpd in 2023.