According to the April 2023 monthly oil market report (MOMR) of the Organization of Petroleum Exporting Countries (OPEC), Angola has surpassed Nigeria to become the top crude oil producer in Africa, with an output of 1.06 million barrels per day (mbpd) in April 2023. Meanwhile, Nigeria's oil output dropped by 23% month-on-month to 999,999 barrels per day in April 2023, the lowest production rate recorded in the year.

The MOMR indicated that OPEC-13 crude oil production averaged 28.60 million barrels per day in April 2023, with production increasing in Saudi Arabia, Angola, and Iran while declining in Iraq and Nigeria.

OPEC also noted that Nigeria's economy faced challenges in the first quarter of 2023, including subdued business activity and consumer spending, high input-cost inflation, and lower employment levels compared to 2022.

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