Akim Baba Ahmed (l), representing secretary to the government of the federation, and Sanusi Mohammed Daggash, minister of national planning, at the launch of the book, Corporate Nigeria, written by Anji Gill in Abuja, yesterday. For over 50 years, Nigeria has been the largest oil producer in Africa.
However, recent oil production growth trajectories in Nigeria, when compared to that of Angola, are threatening the position.
Two reasons are immediately advanced for the prevailing situation. The first is the Niger Delta crisis that has resulted in setbacks for oil production plans and projections in the country. The second is what oil analysts believe: that prevarication as been raised to the level of government policy in the industry. Currently, Nigeria is Africa’s largest oil producer with production levels above two million barrels per day, while Angola is second, with production levels of about 1.8 million barrels of oil per day. Angola was recently admitted into the Organisation of Petroleum Exporting Countries (OPEC), ironically in Abuja two years ago. While oil production in Nigeria had traditionally been onshore, increasing production figures are beginning to emerge from offshore platforms as well. The same can also be said of Angola, with ambitions to lift its oil output by one fifth alone this year, to reach two million barrels of oil a day.
Nigeria’s oil peak production had reached 2.5 million in July 2005. Since then, production levels have varied but often declined. Recently, it nosedived to 1.3 million barrels a day, thereby threatening the 2008 budget benchmarked at $59 per barrel
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