Nigeria’s crude oil production has achieved a significant milestone, reaching an average daily output of 1.53 million barrels per day (bpd) in January 2025, according to the latest data from the Organisation of Petroleum Exporting Countries (OPEC).
This marks the first time the country has met its production quota of 1.5 million bpd, set in November 2023, reinforcing Nigeria’s position as Africa’s largest oil producer.
OPEC’s Monthly Oil Market Report, released on Wednesday, revealed that Nigeria’s production in January surpassed its December output by 54,000 bpd, representing a 3.6% increase from 1.48 million bpd in the previous month. This surge solidified Nigeria’s leadership in the continent’s oil production, outpacing Algeria, which recorded 907,000 bpd.
Despite this positive outlook, secondary data from independent energy sources suggests a slight decline in Nigeria’s crude production, with the country reportedly producing 1.49 million bpd in January, a 2% drop from the 1.52 million bpd recorded in December.
OPEC’s overall production figures showed a month-on-month drop of 118,000 bpd, with total output from the OPEC-12 averaging 40.62 million bpd in January. While Libya, Congo, and Gabon saw increases in production, Nigeria, the UAE, and Venezuela experienced declines.
Looking ahead, OPEC expressed optimism for Nigeria’s oil sector, highlighting the potential of the Dangote Refinery to transform the industry. The refinery, once it reaches full capacity, is expected to process 650,000 barrels of crude per day, surpassing local demand for petroleum products.
Edwin Devakumar, Vice President of Dangote Industries Limited, confirmed on February 10 that the refinery could reach full capacity within the next 30 days. With this development, Nigeria is expected to stabilize its petroleum product supply, potentially lowering petrol prices and boosting the domestic market.
The Nigerian government, led by Minister of State for Petroleum Resources Heineken Lokpobiri, has set an ambitious goal of increasing crude oil production to three million bpd by 2025, signaling continued growth for the sector.
