The Organisation Of Petroleum Exporting Countries, OPEC, says oil exports in Nigeria grew by 60.8% in the third quarter of 2023.
In its Monthly Oil Report, OPEC also says throughout Q3 of 2023, imports soared by 47.7%, resulting in a trade surplus of NGN1.88 billion in that period.
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It also revealed that exports rose by 115%, year-on-year, reaching an unprecedented high of NGN3.86 billion, while imports surged by 34.5% to NGN2.42 billion.
Nigeria’s current oil output is below the nation’s 2024 budget target of 1.78million barrels per day, with the budget heavily dependent on proceeds from crude sales.
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