Nigeria Ranks Africa’s First in Oil Production
But inside the African country, the situation is catastrophic: fuel reserves for only 20 days
According to the latest data released by the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production reached 1.27 million barrels per day in June 2024, putting Nigeria back at the top of the ranking of Africa’s largest oil producers, overtaking Angola, which manages to produce 906,000 barrels per day. In last place in the top three is Congo with production of 259,000 barrels per day.
Nevertheless, the situation in Nigeria’s domestic fuel market is characterized by persistent scarcity. The Ministry of Petroleum in Abuja has issued a warning about Nigeria’s low oil reserves, which allow the country to be self-sufficient for only 20 days. The Independent Petroleum Merchants Association of Nigeria (IPMAN) recently attributed fuel scarcity in the country to rainfall and poor roads. IPMAN President Abubakar Maigandi said the operators would provide fuel to Nigerian consumers “at their earliest,” pointing to possible price increases to cover new industry costs.
In this difficult situation, the Nigerian government has suspended duties on imported foodstuffs for 150 days, saying it intends to intensify efforts to combat rising inflation. At the press conference, Minister of Agriculture and Food Security Abubakar Kyari clarified that the exemption from import duties will apply to products such as corn, brown rice, wheat, and beans. The initiative is part of the president’s plan to stabilize the economy and should allow 250,000 tons of wheat and the same amount of corn to be delivered to consumers. Despite efforts to increase local production and reduce dependence on food imports, factors such as poor infrastructure, financial problems, and climate change have hindered progress in the agricultural sector.
