Nigeria’s oil wealth masks structural gaps, OPEC data shows

    Abubakar Ibrahim | Editor’s picks | May 04, 2026    
Get Unlimited Access
Subscribe to unlock this article

Complete digital access to quality journalism on any device. Cancel anytime during your trial.

Once registered, you can:

  • Read this article and many more, including access to epapers and research
  • Enjoy customize article feed/recommendation based on your profile
  • Enjoy access to Businessday exclusive events
  • One-Access accross Businessday platforms

Share this article
Shared
5343
times

Nigeria remains one of the Organisation of Petroleum Exporting Countries' (OPEC) most resource-rich members, but new data from the organisation’s 2026 Annual Statistical Bulletin highlights persistent structural weaknesses across its oil sector and wider economy. With a population of about 237,5-million in 2025, Nigeria is by far the most populous country in OPEC, yet its oil output continues to lag behind that of its peers.

Continue reading your article with a
BusinessDay subscription





Already a subscriber?
Sign In
RECOMMENDED STORIES
Economy
Africa sees world's fastest growth in ultra-rich as financing costs ease, currencies strengthen
Africa recorded the world's fastest growth in ultra-high-net-worth individuals (UHNWIs) last year, as lower financing costs, stronger currencies, and rising investment in critical minerals and digital infrastructure boosted wealth creation across the cont
Bunmi Bailey | Jun 25, 2026
Security
State police bill passage raises fresh questions over funding, oversight, others 
The Senate on Wednesday passed a landmark constitutional amendment bill establishing state police services across Nigeria, a major step towards decentralising policing and addressing the country's growing security challenges.
Saawua Terzungwe, Tope Omogbolagun & Ojochenemi Onje | Jun 25, 2026
Markets
Five major reasons why SEC halted Dangote IPO promotion
The Securities and Exchange Commission (SEC) recently stepped in to halt marketing and promotional activities surrounding a planned Initial Public Offering (IPO) by the Dangote Petroleum Refinery & Petrochemicals FZE.
Iheanyi Nwachukwu | Jun 24, 2026
Aviation
Airlines see 7% survival rate in 25 years 
Multiple taxation, safety concerns, and a high offshore insurance culture have been identified as the primary systemic drivers that shorten the lifespan of commercial airlines in Nigeria to below 10 years.
Ifeoma Okeke-Korieocha | Jun 23, 2026
support_agent
phone
mail_outline
language
help_outline
Conference Ad Conference Ad