Nigeria's Oil Production Surges to 1.68M Barrels as Tinubu Drives Economic Growth
Nigeria's oil production has surged, reaching 1.68 million barrels per day, while President Bola Ahmed Tinubu has overseen remarkable economic growth and milestones in the last two years.
The oil sector's resurgence is evident, with production rebounding significantly from the May 2023 low of about one million barrels per day. Notably, Nigeria has become Africa's top exporter of aviation fuel, thanks to increased domestic refining.
President Tinubu has been instrumental in these achievements. He has strengthened non-oil exports by forging partnerships with countries like the United Arab Emirates, Tanzania, France, the United Kingdom, Saint Lucia, Brazil, and Japan. This has led to a historic threshold in non-oil revenue generation.
The economic stability is reflected in Nigeria's foreign reserves, which have climbed to $42.03 billion in September 2025, the highest level since 2019. The debt service-to-revenue ratio has also been reduced to below 50% from 97%, indicating improved fiscal management. The tax-to-GDP ratio has climbed to 13.5%, up from below 10%, demonstrating enhanced revenue collection.
The solid minerals sector is also recovering strongly, with coal mining growing by 57.5% in the second quarter. The administration has cleared 'Ways and Means' advances that previously destabilised the economy and triggered inflation. This, coupled with five consecutive quarters of trade surplus, paints a positive picture of Nigeria's economic landscape.
Nigeria's oil production surge, coupled with President Tinubu's economic initiatives, has led to remarkable milestones. The country has become Africa's top aviation fuel exporter, achieved record foreign reserves, improved debt and tax ratios, and witnessed robust growth in the solid minerals sector. These developments suggest a strong and stable economic outlook for Nigeria.
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