President Bola Tinubu’s recent announcement that Nigeria’s oil production has risen to 1.61 million barrels per day (mbpd) has drawn significant attention to the country’s oil and gas sector.
In a televised speech addressing the ongoing #EndBadGovernanceInNigeria protests, sparked by widespread dissatisfaction with the government’s handling of socio-economic issues, President Tinubu called for an end to the demonstrations.
He claimed that the previously struggling oil and gas industry is now experiencing a revival, citing a recent increase in oil production.
“Last month, we increased our oil production to 1.61 mbpd, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed off over half a billion dollars since then,” Tinubu stated.
However, findings by BusinessDay contradict these claims, indicating that Nigeria’s oil production is currently below 1.61 mbpd.
Read also: Nigeria’s Crude oil production hit 1.6 mbpd in July
The highest crude production recorded by Nigeria post-June 2023 was 1.64 mbpd in January 2024, which includes blended and unblended condensates, according to the National Liquid Hydrocarbon Production Report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Additionally, data from the Organisation of Petroleum Exporting Countries (OPEC) revealed that the highest crude production recorded by Nigeria (excluding condensates) using primary sources was 1.43 million bpd in January 2024.
OPEC’s latest Monthly Oil Market Report, based on secondary sources, placed Nigeria’s average daily crude oil production at 1.362 million barrels per day in June 2024, a decrease of 10,000 barrels compared to May’s figure of 1.372 million bpd.
For Nigeria’s oil production to have reached 1.61 mbpd in July, an additional 300,000 bpd would have been necessary within a single month.
The Claim: Nigeria’s oil production increased to 1.61 mbpd in July.
The Verdict: Mostly False.
