Oil Production in Nigeria
The economy recorded an average oil production rate of 1.66 million barrels per day in the decade to 2022. In 2022, oil production was 1.2 million barrels per day, down from the 1.38 million barrels per day reading of the prior year.
Nigeria Oil Chart
Note: This chart displays Oil Production (mn barrels per day, aop) for Nigeria from 2014 to 2023.
Source: Macrobond.
Nigeria Oil Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Oil Production (mn barrels per day, aop) | 1.79 | 1.58 | 1.38 | 1.20 | 1.31 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Nigerian oil projections for the next ten years from a panel of 3 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable oil forecast available for Nigerian oil.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Nigerian oil projections.
Want to get access to the full dataset of Nigerian oil forecasts? Send an email to info@focus-economics.com.