Nigeria Meets OPEC Quota As Oil Production Climbs 4-Year High

22 September 2025
Daily Trust (Abuja)

Nigeria's daily production of crude oil rose to 1.68 million per barrel, a four year quarter high since 2022, according to the National Bureau of Statistics (NBS).

This means that Nigeria was able to meet its quota set by the Organisation of Petroleum Exporting Countries (OPEC) for the quarter.

The report stated that the economy grew by the figure following the rebasing of the Gross Domestic Product using 2019 as the base year as previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates.

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It said the procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates.

"Gross Domestic Product (GDP) grew by 4.23% (year-on-year) in real terms in the second quarter of 2025."

It said the growth was higher than the 3.48% recorded in the second quarter of 2024.

"During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024. The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024. In terms of share of the GDP, the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.

It added that aggregate GDP at basic price stood at N100.730tr in nominal terms.

"This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84.84tr, indicating a year-on-year nominal growth of 19.23 percent.

"The nation in the second quarter of 2025 recorded an average daily oil production of 1.68 million barrels per day (mbpd), higher than the daily average production of 1.41 mbpd recorded in the same quarter of 2024 by 0.27 mbpd and higher than the first quarter of 2025 production volume of 1.62 mbpd by 0.06mbp

"The real growth of the oil sector was 20.46 (year-on-year) in Q2 2025, indicating an increase of 10.38% points relative to the rate recorded in the corresponding quarter of 2024 (10.08%). Growth increased by 18.59% points when compared to Q1 2025, which was 1.87%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 6.01% in Q2 2025. The Oil sector contributed 4.05% to the total real GDP in Q2 2025, up from the figure recorded in the corresponding period of 2024 at 3.51%. and up from the preceding quarter, where it contributed 3.97%."

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