OIL PERFORMANCE AND PRODUCTION TREND

Crude oil is a major source of revenue for the Nigerian government and contributes a significant portion to foreign exchange earnings – as of 2024, crude oil export accounted for 71.39% of total exports. From a geopolitical standpoint, oil continues to provide Nigeria with global recognition, particularly through its membership in the Organization of Petroleum Exporting Countries (OPEC). According to the OPECs latest report, Nigeria ranked as the largest oil producer in Africa as of September 2025. The country’s status as a top producer grants it influence in shaping OPEC’s policy decisions.