OPEC data challenges Tinubu’s claim of 1.6 million barrels per day oil output.
OPEC data casts doubt on President Bola Tinubu’s recent claim that Nigeria’s oil production had surged to 1.6 million barrels per day (bpd). While Tinubu announced this as a significant recovery for the country’s oil sector, OPEC’s latest reports show lower figures. In June 2024, Nigeria’s production was recorded at 1.276 million bpd, only slightly increasing to 1.3 million bpd in July 2024.
This discrepancy raises concerns about the accuracy of the government’s claims, with experts like oil and gas analyst Bala Zakka pointing out the difference between political statements and actual data. Despite these challenges, Nigeria remains Africa’s largest oil producer, although the sector continues to face issues like insecurity, low investment, and the exit of international oil companies.
The Tinubu administration aims to boost daily production to two million barrels next year, but how this target will be achieved remains uncertain. The government has introduced fiscal incentives to improve the investment climate, but the outlook remains challenging as Nigeria’s oil output struggles to meet its budgetary targets.
