Nigeria reclaims the first position as the largest oil producer in Africa

By: Damian Okonkwo

Nigeria - the renowned giant of Africa has once more reclaimed its prime position as the largest oil producer in the continent.

This development was disclosed from the latest oil production data for November 2022.

According to the Monthly Oil Market Report data released by the Organization of Petroleum Exporting Countries (OPEC), Nigeria produced 1,186 mb/d of crude oil in November, thereby overtaking its challenging neighbor Angola which had previously maintained the first position. The total oil production from Angola slowed down to 1,088 mb/d in November 2022. The third place went to Algeria with a total oil production of 1,021 mb/d in the same month.

From the general perspective, the reports from OPEC showed that the total crude oil production from all oil-producing countries averaged 28.83 mb/d in November 2022. The report further highlighted that the largest crude oil production in November came from Nigeria and Angola. There was a major decline in the production rate from countries such as Saudi Arabia, Kuwait, the United Arab Emirates, and Iraq.

Despite the reduction in the total oil production in Nigeria resulting from oil theft which had resulted in the country losing its status previously as the largest oil producer in Africa. The story seemed to have changed a little in November with the increased output in oil production which restored the country once more as the biggest oil producer in Africa today.

The major challenge for the country lies in the proper use of its oil resources in developing the country which has always been an added advantage for economic development in other oil-producing countries today.