Nigeria aspires for higher OPEC quota

Nigeria is gearing up to lobby the Organisation of Petroleum Exporting Countries (OPEC) for an upward revision of its production quota, aiming to reach two million barrels per day. Temitope Kolade, Associate Director at Andersen Nigeria, discussed Nigeria's production trajectory, recent asset acquisitions, and the impact of President Trump's policies on oil prices in a recent interview with CNBC Africa. Kolade emphasized the importance of creating a conducive business environment to attract investors and achieve the country's ambitious production goals. Despite facing challenges such as security issues, theft, and vandalism, Nigeria has made significant progress in increasing its drilling activity and production levels in recent years. The government's commitment to improving security measures and enforcing policies has helped boost the country's oil output. However, sustaining this growth and meeting the OPEC quota will require continuous monitoring and investment in infrastructure. Nigeria's push for higher production quotas will not only impact its position as the highest oil producer in Africa but also influence the dynamics among other African producers. With Angola and Libya facing challenges such as sanctions and security issues, Nigeria has the opportunity to solidify its position as a leader in the continent's oil production landscape. Looking ahead to the 2025 budget cycle, Nigeria is cautiously optimistic about achieving its production targets and maintaining a benchmark price of $75 per barrel. However, with fluctuating global oil prices and supply-demand concerns, the government must focus on diversifying the economy and implementing decisive measures to support its ambitious oil production goals. As Nigeria aims to secure a higher OPEC quota and navigate the complexities of the international oil market, the country's success in reaching its production targets will have far-reaching implications for the African oil industry.