‘Nigeria’s Crude Oil Production’ll Recover By 2025’ … As Economy Expects Growth Rate Of 3.7%

The World Bank has projected that Nigeria’s crude oil production will recover between 2024 and 2025
It also said the Nigerian economy is expected to grow from 2.9 percent in 2023 to an average rate of 3.7 percent between 2024 to 2025.
The Bank, however, said the expected recovery would still be below assigned quota figures from the Organization of Petroleum Exporting Countries (OPEC).
In its October 2023 report, titled “Africa’s Pulse”, the World Bank stated “Oil production is projected to recover in 2024–25, but it will continue to be below the OPEC+ quota. Imports of fuel products are expected to decline as the new refinery ramps up production.
“The Nigerian economy is expected to grow from 2.9% in 2023 to an average rate of 3.7% between 2024 to 2025.
“This translates into growth per capita of 1.3% in the highlighted period, which is insufficient to reduce extreme poverty in the country.”
The Bank noted that economic growth would continue to be driven by services, trade, construction, manufacturing, and agriculture.
According to the Bank’s report at the time, the Nigerian economy is projected to experience a growth rate of 2.8% in 2023, a decline from the 3.3% recorded in 2022.
Sequel to this, it noted further that a slight acceleration was expected, with an average annual growth rate of 3% anticipated for the years 2024 to 2025.
However, these growth rates translate to a per capita growth of 0.2% in 2023 and 0.4% in 2024-2025, which is deemed inadequate for effectively reducing extreme poverty within the nation.
Conversely, the oil production sector is expected to remain constrained in 2023 due to inefficiencies and security issues, with a potential gradual recovery projected for 2024-2025.
The growth in 2023 is expected to be propelled by the industry sector, specifically supported by the mega-refinery project, with a growth rate of 5.6% on the production front.
The report further noted that the Nigerian oil sector continued to grapple with  persistent challenges, particularly of crude oil theft, an act which it said does not only have a direct impact on the nation’s economy, but poses a serious threat to its energy security.
It therefore challenged the Nation’s authorities to take not just decisive, but comprehensive, measures to curb this illicit activity, ensuring the protection of valuable national resources and securing the country’s economic prosperity.

By: Lady Godknows Ogbulu