Lagos – Nigeria produced an average of 1.451 million barrels per day of crude oil in September 2021, according to the Organization of the Petroleum Exporting Countries, OPEC.
The figure is contained in the OPEC oil market report for October 2021, which indicated that it is a
156 barrels per day increase, compared to the 1.296 million barrels per day average production by the country in the previous month – August 2021.
The report also indicated that Nigeria’s non-oil economic activities grew despite the lingering effects of the current COVID-19 wave.
It stated: “The Stanbic IBTC Bank Purchasing Managers’ Index (PMI) edged up to 52.3 in September from 52.2 in August, remarking the 15th consecutive monthly expansion.
“Yet labour market pressures continued to be a concern.
“Recently released National Bureau of Statistics data indicated that the unemployment rate increased to 33.30 per cent in fourth quarter 2020 from 27. 10 per cent in second quarter 2020.”
It said however, both consumer and business confidence have increased, driven by the overall positive sentiments related to the easing of COVID-19 restrictions and rising commodity prices.