Nigeria can produce roughly two million barrels of crude oil per day. That’s a large number until you consider that it was roughly the same amount the country could make in the 1980s. We have been trying to grow our oil production since then but to no avail.
Other countries, however, have seen their production rise.
In the 40 years between 1980 and 2020, the United Arab Emirates grew its production from 1.7 million bpd to 2.8 million barrels per day (bpd). Our African counterpart, Angola, has gone from 150,000 bpd to 1.8 million bpd.
Despite being the centre of wars and civil unrest for the past 40 years, Iraq has also managed to grow its production from one million bpd in 1981 to four million bpd in 2019.
In August 2019, Nigeria aimed to increase its production to three million bpd by 2023, but the opposite has happened. Due