A looming revenue crisis awaits Nigeria as its second-quarter oil production diminishes to 1.22 million barrels per day (mbpd).
On Friday, the National Bureau of Statistics released its 2023 second-quarter Gross Domestic Product (GDP) report, revealing this decline.
The report highlights that the Q2 2023 figure is lower than the average daily production of 1.43 mbpd recorded in the same period in 2022, as well as falling short of the 1.51 mbpd production volume in the first quarter of 2023.
During this timeframe, the Organization of Petroleum Exporting Countries (OPEC) reduced its daily oil production benchmark from 1.742 million barrels per day to 1.38 million bpd.
“The nation recorded an average daily oil production of 1.22 million barrels per day (mbpd) in the second quarter of 2023,” the report states.
Additionally, the report reveals that the oil sector only contributed 5.34 percent to Nigeria’s real GDP in Q2 2023.
Media Talk Africa previously reported that Nigeria’s GDP growth decelerated to 2.51 percent compared to the 3.56 percent recorded in Q4 2023.
