Nigeria’s economic outlook received a boost as the naira traded at ₦1,382.33 per US dollar at the official foreign exchange market, while the country’s crude oil production climbed to its highest level in 74 months, exceeding its production quota set by the Organization of the Petroleum Exporting Countries (OPEC).
According to the latest figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria produced an average of 1.56 million barrels of crude oil per day in June 2026. When condensate output is included, total hydrocarbon production rose to approximately 1.74 million barrels per day, marking a fourth consecutive month of growth. The regulator said this represents 104% of Nigeria’s 1.5 million barrels-per-day OPEC quota, making it the country’s strongest crude oil performance since April 2020.
The increase was attributed to improved operational stability, fewer pipeline disruptions and stronger output from major export terminals, including Bonny and Forcados. The NUPRC noted that peak combined production reached 1.89 million barrels per day during the month, highlighting Nigeria’s potential to return to the two-million-barrel-per-day mark if current momentum is sustained.
The stronger oil output comes as authorities continue efforts to stabilize the economy through higher export earnings and increased foreign exchange inflows. Analysts say maintaining production above Nigeria’s OPEC quota, alongside a relatively stable official exchange rate, could improve government revenues and strengthen investor confidence, although inflation, exchange rate pressures and broader economic reforms remain key challenges.
