Nigeria’s crude oil production climbed marginally to 1.401 million barrels per day (bpd) in October, up from 1.39 million bpd recorded in September. This marks a modest 0.7% increase from September’s 1.39 million bpd
This figure remains well below the country’s OPEC-assigned quota of 1.5 million bpd, marking the third consecutive month of shortfall, the last time it met its target was in July 2025.
This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Wednesday.
Nigeria’s Oil Production
Nigeria’s oil industry, which accounts for nearly two-thirds of government revenue and over 80% of foreign exchange earnings, has been a cornerstone of the economy since the country’s OPEC entry in July 1971.
2025 has been marked by fluctuations: Production peaked at around 1.8 million bpd in July, the country seeks to move production to 2mbpd but that has failed to materialize so far. Nigeria aims to ramp up to 2 million bpd by 2027 (including condensates) and 2.7 million bpd overall, leveraging assets like the 650,000 bpd Dangote Refinery and upcoming modular facilities.
Issues like oil theft and pipeline vandalism, which siphon off an estimated 400,000 bpd equivalent to $3 billion annually and deter investment have held oil production to ransom.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will launch a 2025 oil licensing round on December 1, targeting $1 million bpd in incremental capacity through FPSOs and early production facilities.