The Nigerian Senate has based its budget for next year on a forecast price of $57 a barrel. The government has approved daily production of 1.88 million barrels of crude oil per day (bpd).

OPEC member Nigeria produced 1.47 million bpd in 2021 following an agreement within the organization of petroleum producing countries to cut production. The country has a capacity of over two million bpd. The country now plans to produce 1.88 million bpd, 2.23 million bpd and 2.22 million bpd for the years 2022, 2023 and 2024 respectively” given the average of 1.93 million bpd seen in the the past three years. The government specifies that a very cautious oil production benchmark has been adopted in the medium term for greater budgetary realism.