News summary:

• Nigeria has lost its status as Africa’s largest oil producer to Angola.
• The decline in Nigeria’s oil production was largely due to a shutdown of activities at the Forcados oil terminal and strike action at the Nigerian unit of ExxonMobil.
• The loss of Nigeria’s status as Africa’s largest oil producer is a setback for the country, but the government is working to address the challenges that have led to the decline in oil production.

Nigeria has lost its status as Africa’s Largest Oil Producer to Angola, according to a new report from the Organization of the Petroleum Exporting Countries (OPEC).

The report, which was released on Thursday, shows that Nigeria’s oil production dipped by 270,000 barrels per day (bpd) to 999,000 bpd in April from 1.26 million bpd in March. Angola, on the other hand, saw its oil production rise by 91,000 bpd to 1.06 million bpd in May.

The decline in Nigeria’s oil production was largely due to a shutdown of activities at the Forcados oil terminal, one of Nigeria’s major export terminals. The terminal has been shut down for two weeks due to a sectional replacement on the Forcados line.

In addition to the Forcados shutdown, strike action at the Nigerian unit of ExxonMobil has also cut off production.

The decline in Nigeria’s oil production has had a significant impact on the country’s economy. The oil and gas sector accounts for about 90% of Nigeria’s foreign exchange earnings and about 20% of its GDP.

The loss of Nigeria’s status as Africa’s largest oil producer is a setback for the country. However, the government is working to address the challenges that have led to the decline in oil production.

The government has said that it is working to reopen the Forcados oil terminal and to resolve the labor dispute at the ExxonMobil unit. The government is also working to diversify the country’s economy away from oil.

The loss of Nigeria’s status as Africa’s largest oil producer is a reminder of the challenges that the country faces. However, the government is committed to addressing these challenges and to building a more diversified and resilient economy.

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