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CommoditiesUpdated•Originally published 16 April 2026•Updated 17 April 2026•

1 min read

Nigeria Oil Production Surges to 1.8 Million BPD, Boosting Fiscal Reforms

Key Facts

1Finance Minister Wale Edun announced that Nigeria's oil production has reached 1.8 million barrels per day.

2The production increase provides fiscal breathing space for the government to support vulnerable households and continue economic reforms.

Nigeria's Finance Minister, Wale Edun, announced that oil production has reached 1.8 million barrels per day, providing critical fiscal space for economic reforms. A significant milestone was recorded in the downstream sector as crude supply to the Dangote refinery doubled to 10 cargoes in March compared to February. The refinery, Africa's largest, has now commenced fuel exports to regions beyond West Africa, marking a shift in regional energy dynamics. This follows the start of gasoline production in September 2024, adding to the diesel and naphtha output launched in January. Despite the increased supply, the refinery is currently facing margin squeezes due to high import costs. These developments underscore Nigeria's efforts to stabilize its economy by maximizing the value of its energy assets.

4 months ago

Version History

Version 14 months ago

What changed: The story was updated to include the doubling of crude supply to the Dangote refinery, the start of global fuel exports, and the commencement of gasoline production.