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Nigeria needs to ramp up oil production capacity

Nigeria is one of Africa's largest oil and gas producers. The country has over 37 billion barrels of crude oil reserves. It is also a member of OPEC. However, the nation's oil production has declined substantially in recent years due to underinvestment. The country's crude production has plummeted to less than a million b/d in the past five months. A drop in global demand for crude has also been cited as a major factor. This is likely to result in higher prices for the nation's oil. Despite the fall in production, the government has plans to increase its crude output. It hopes to ramp up to a level of 1.46 million bpd by 2022. In addition, Nigeria's capacity to produce natural gas is set to increase by nearly 30 percent. Nigeria is expected to retain its position as Africa's leading producer of crude oil and natural gas. The country's OPEC membership provides it with a quota of 1.799 million b/d.

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