Oil production in Nigeria 1998-2023
Nigeria’s oil production amounted to some 1.5 million barrels per day in 2023, an increase when compared to the previous year. Between 1998 and 2022, figures decreased by approximately 480 thousand barrels per day.
Nigeria and OPEC
Nigeria joined the OPEC (Organization of Petroleum Exporting Countries) in 1971, becoming the 11th country to join the organization following its founding in September 1960. Nigeria is the most populous country within the OPEC, but in terms of daily oil production, it is ranked sixth within the organization. In terms of oil reserves, Nigeria’s OPEC ranking is eighth.
Oil refining in Nigeria
The Dangote oil refinery is currently under construction and is expected to be completed by the fourth quarter of 2022. Its construction will add considerable refining capacity to Nigeria’s oil industry. Designed to process some 650,000 barrels of crude oil each day, this will increase Nigeria’s existing refining capacity of 446,000 barrels per day considerably. According to billionaire Aliko Dangote who owns the project, and after whom the project is named, about 35 percent of the refinery’s products will be exported, with the remainder serving the Nigerian market.
