Tuesday, January 31, 2023
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Oil sector will drive Nigeria’s GDP growth to 3.5% in 2023- Minister

Nigerian Finance Minister Zainab Ahmed says the trajectory for the nation’s debt is sustainable, and that the oil sector will drive GDP growth to 3.5% in 2023.

 She spoke to Bloomberg TV from the World Economic Forum in Davos.

Fitch Solutions had estimated that Nigerian crude oil production will fall by 15.2 per cent in 2022 and by another 14.9 per cent in 2023.

According toJ.P. Morgan Global Research, Global GDP growth in 2023 is forecast to climb 1.6%. Developed Market growth is forecast at 0.8%, U.S. growth is forecast at 1%, Euro Area growth is projected to come in at 0.2%, China’s economy is forecast to grow 4.0% and Emerging Market growth is forecast at 2.9% in 2023.

Nigeria’s oil output rose by four per cent month-on-month, MoM, to 1.235 million barrels per day, mb/d in December 2022, from 1.186 mb/d in November 2022.

On Year-on-Year, YoY performance, the nation’s oil output also increased to 1.235 mb/d in December 2022, from 1.197 mb/d in the corresponding period of 2021.

The Organisation of Petroleum Exporting Countries, OPEC in its January 2023 Monthly Oil Market Report, MOMR showed that the nation succeeded in beating Angola, its close rival that produced 1.088 mb/d in December 2022, to become the leading African producer while Equatorial Guinea came last with 54,000 bp/d.

Despite the increase, the report indicated that Nigeria did not meet its 1.8 mb/d OPEC quota during the period even though the nation has the capacity to produce additional 300,000 – 400,000 bpd of condensate.

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