Nigeria Boosts Crude to 1.38m Bpd Yet Falls Short of OPEC and Budget Targets

The latest OPEC Monthly Oil Market Report shows Nigeria’s March crude output (excluding condensate) rose to 1.38 million barrels per day, up from 1.31 million bpd in February. Secondary data put production at 1.46 million bpd for March, but both figures remain below Nigeria’s OPEC quota of 1.5 million bpd and the 2026 budget benchmark of 1.84 million bpd (including condensate). Despite missing these targets, Nigeria stayed Africa’s top oil producer, ahead of Libya’s 1.30 million bpd. Industry experts say the Petroleum Industry Act 2021 and new upstream projects—like Bonga North, Ubeta and HI—have attracted over $10 billion in investments by ensuring clearer rules and faster approvals.

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