Nigeria’s crude oil output, excluding condensate, increased by 6.3% year-on-year (YoY) in December 2024, reaching 1.507 million barrels per day (bpd), up from 1.418 million bpd recorded in the same month of 2023, according to the latest figures from the Organisation of Petroleum Exporting Countries (OPEC).
On a month-on-month (MoM) basis, Nigeria’s oil output rose by 2% from 1.477 million bpd in November 2024, signaling a steady recovery in the country’s oil production capacity. The data, sourced from secondary sources, was revealed in OPEC’s January 2024 Monthly Oil Market Report (MOMR).
With this growth, Nigeria remains the top oil producer in Africa, while Sudan, with just 27,000 bpd, remains at the bottom of the continent’s production chart. This marks a significant achievement for Nigeria, which has been grappling with production challenges over the past years.
The report also indicated that for the first time since November 2024, Nigeria met its OPEC production quota of 1.5 million bpd. Efforts are underway to ramp up production further, aiming to meet the 2.06 million bpd target set in the country’s N49.7 trillion 2025 budget.
In a related development, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reported that the nation’s total oil output, including condensate, rose by 7.38% YoY in December 2024 to 1.667 million bpd, compared to 1.552 million bpd in December 2023. However, MoM figures show a slight decline of 1.35% from the 1.690 million bpd recorded in November 2024.
The NUPRC also noted that Nigeria’s daily peak oil production in December 2024 was 1.79 million bpd, while the lowest daily production stood at 1.57 million bpd. In total, Nigeria produced 51.69 million barrels of oil in December 2024, a 1.9% increase from 50.71 million barrels in November 2024.
The NUPRC has set an ambitious target of achieving at least 2.1 million bpd by 2025, with Engr. Gbenga Komolafe, the Commission’s Chief Executive, outlining plans to double Nigeria’s rig count from 16 in 2021 to 32 by the end of 2024. This is part of the country’s broader efforts to enhance its upstream oil activities and solidify its position in the global oil and gas industry.
Komolafe’s remarks came during his appearance before the Senate Committee on Appropriation, where he emphasized the Commission’s role in boosting Nigeria’s oil production capacity and driving competitiveness in the global market.
