In June 2023, Nigeria experienced a commendable increase in crude oil earnings due to a rise in oil output, according to data released by the federal government. The country earned over N1.68 trillion last month alone, which was a significant increase compared to the previous month.

The Nigeria Upstream Petroleum Regulatory Commission reported that daily oil output in June reached 1,248,960 barrels, up from 1,183,691 barrels in May. The total crude oil output in June was 37,468,798 barrels, a 774,326 barrel increase from May. With an average cost of crude oil at $74.89 per barrel, Nigeria earned approximately $2.81 billion from oil sales in June. At an exchange rate of N600.43/$, the federal government’s oil earnings rose to N1.68 trillion in June.

The increase in oil output is a positive development for Nigeria, which had previously experienced fluctuating oil production volumes due to crude theft in the Niger Delta region. Efforts by security officials and oil operators have led to an improvement in oil output since September 2022.