oil production

Nigeria's oil production declined to 1.627 million barrels per day in recent reporting, missing both budget projections and OPEC quotas, while Dangote Group signed a $400 million equipment deal with China's XCMG to double refinery capacity to 1.4 million bpd.

Nigeria's state oil company posted record 2025 revenue of N60.5 trillion with N5.7 trillion profit, while Cross River State moves toward reinstatement as oil-producing territory, potentially reshaping federal revenue allocation.