A report by the Organisation of Petroleum Exporting Countries (OPEC) showed that Libya produced 1.24 million barrels of crude oil in March 2024 Nigeria, on the other hand, produced about 1.23 million barrels of crude oil for March, compared to the 1.32 million barrels produced in April.

According to data from the Organisation of Petroleum Exporting Countries (OPEC), Libya overtook Nigeria as the top African oil producer in March. The April 2024 monthly oil report published by OPEC said the North African country recorded 1.24 million barrels per day of crude oil in March, a 5.7% increase from the 1.17mbpd recorded in February. 

Experts blame oil theft for low FX earnings Experts say that Nigeria’s Forex earnings largely depend on increased oil output, especially now that crude oil is nearing $100 per barrel in the international market. Energy policy analyst and Lead of Platforms Africa, Adeola Yusuf, said the oil theft in the country's oil-producing areas is a significant challenge to Nigeria’s increased Forex earnings.