Top 15 Weekly Business News Updates for the Latest News in Nigeria

Nigeria’s Crude Oil Production Hits Record Low in March

In a disappointing turn of events, Nigeria’s crude oil production fell to 1.23 million barrels per day (mbpd) in March, marking the lowest output level in recent months. This decline has positioned Nigeria as the worst-performing member of the Organisation of Petroleum Exporting Countries (OPEC) in terms of reduced production.

According to the OPEC Monthly Oil Market Report released recently, Nigeria had been struggling to meet its production quota for months without success. This drop in production is a significant setback for the country, which had previously been one of the leading crude oil producers in the OPEC group.

In a related development, the Federal Government reportedly spent $1.01 billion on the importation of Premium Motor Spirit (PMS) in January. The Nigerian National Petroleum Company Limited (NNPCL) hired 23 vessels to transport 1.11 million tonnes of PMS into the country during the month.

Despite these challenges, the World Bank has reaffirmed its projection of 3.3% economic growth for Nigeria in 2024. This positive outlook is attributed to the country’s improved economic policies and implementations.

In light of the recent developments, the Nigerian National Petroleum Company Limited has urged motorists and fuel users to avoid panic buying, assuring them that the fuel scarcity in Lagos has been resolved.

Overall, the Nigerian economy is facing a mix of challenges and opportunities, and stakeholders are closely monitoring the situation to ensure sustainable growth and development in the country.