When Russia invaded Ukraine on 24 February 2022, oil prices went through the roof. The price of Brent crude has remained at an average of $108 per barrel since early March.
For many, it presented the opportunity for oil-based economies like Nigeria to recover from the huge losses incurred at the height of the Covid-19 pandemic where oil prices hit a 17-year low of $23 per barrel.
However, despite the rising price of crude oil caused by the Russian war, Nigeria has not been able to fully make any gains. Africa’s largest economy has not been able to meet its daily oil production quota set by the Organisation of Petroleum Exporting Countries (OPEC). Data from OPEC shows that Nigeria has the highest deficit among all oil producing countries in the world.
Nigeria only managed to pump 1.238 million barrels per day in March despite its fixed 1.718 million barrels per day production quota from
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