Angola has taken over as the top crude oil producer in Africa, as Nigeria's output has hit a new low.

According to the April 2023 monthly oil market report (MOMR) of the Organization of Petroleum Exporting Countries (OPEC), direct communication data indicates that Angola produced 1.06 million barrels per day (mbpd) of crude in April 2023. On the other hand, Nigeria's oil output in April 2023 decreased by 23% from the previous month of March 2023, falling from 1.3 million bpd to 999,999 bpd. Despite initial optimism, this represents a significant decline.

Furthermore, in year-on-year comparison, Nigeria's output level showed a decrease of 16.7% to 999,999 bpd in April 2023, as compared to 1.2 million bpd recorded in the corresponding period of 2022.

Nigeria's oil output had been steadily declining to around 1.1 mbpd in the second half of 2022, mainly due to oil theft. However, following a nationwide outcry in the fourth quarter of 2022, the output started to recover, reaching 1.3 million bpd in the first quarter of 2023. Unfortunately, at less than 1.0 mbpd, this represents the lowest production rate Nigeria has recorded in 2023, while Angola's output continues to show steady increases.

The production figure of Nigeria recorded by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which is 998,602 barrels per day during the period, is similar to the one reported by OPEC. According to the OPEC report, the total crude oil production of OPEC-13 countries averaged 28.60 million barrels per day in April 2023, which is 191,000 barrels per day lower than the previous month. The report also revealed that Saudi Arabia, Angola, and Iran experienced an increase in crude oil output, while Iraq and Nigeria had a decline.

According to the MOMR by OPEC, Nigeria's economy encountered difficulties in gaining momentum during the first quarter of 2023. The report stated that business activity and consumer spending remained low, in addition to high input-cost inflation and lower employment levels when compared to 2022.