The Nigerian government has seen an improvement in oil export revenue following an extended period of underperformance, as the country’s oil production level has grown over the course of the months.
This has eased fiscal strains because the government still receives the majority of its total revenue from hydrocarbon sales. According to a study released on Friday by the National Bureau of Statistics, Nigeria’s oil output increased during the third quarter of 2023.
During the time, the nation produced 1.45 million barrels on average per day, which is an increase from 1.22 million barrels in the second quarter. Nigeria can only produce 2.3 million barrels per day, so even with the increase, output is still below capacity.
Output has faltered recently amid massive crude oil theft and pipeline vandalism. Federal Government earns more than 90% of its foreign exchange and 70% of government revenue from oil exports, according to the International Monetary Fund.
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