Cordros Capital Limited, a leading financial services group, has projected a growth of 12.55% year-over-year in Nigeria’s oil sector in 2024. The forecast is part of the firm’s economic analysis, predicting an overall annual increase in Nigeria’s Gross Domestic Product (GDP).
The expected growth in real GDP for 2024 is expected to surpass 2023, driven by a recovery in crude oil production. Cordros Capital Limited expects the average price of Brent crude oil to be around USD 83.00 per barrel in 2024. Additionally, oil consumption growth is projected to moderate, growing by 1.4% year-over-year in 2024, influenced by stabilized demand from China.
The firm also anticipates a 1.0% year-over-year growth in oil production for 2024, with factors such as the absence of a Middle East conflict escalation and slightly increased output from both OPEC+ and non-OPEC+ producers influencing this outlook.
