Nigeria met its OPEC production target in January, reaching 1.75 million bpd. NNPC executive Udobong Ntia is confident the country will maintain its targets, despite concerns over exports. Domestic demand is rising as the Dangote refinery ramps up.

Nigeria is on track to meet OPEC’s production target, according to an executive from the country’s state oil company, the Nigerian National Petroleum Corporation (NNPC).

After several years of failing to meet OPEC quotas, Nigeria successfully reached its assigned target in January, stated Udobong Ntia, NNPC’s Executive Vice President of Upstream.

"In January, I think we're back on targets ... I'm positive we will be able to meet our targets," Ntia said on the sidelines of the CERAWeek conference hosted by S&P Global in Houston.

Production levels in Nigeria increased in January, rising to 1.75 million barrels per day (bpd) from 1.5 million bpd in December.

"Production is on an incline," Ntia noted.

While there were concerns that Nigeria may have exceeded its OPEC quota in January, he clarified that the country remained within its target, as total production figures included both crude oil and condensate.

Meanwhile, OPEC’s overall oil output declined for the second consecutive month in January, according to a Reuters survey. A significant factor contributing to the decline was a reduction in exports from Nigeria.

Although Nigerian output rebounded in December, it remained at similar levels in January, according to a Reuters survey last month. This suggests that further efforts are needed for Nigeria to meet its goal of increasing production to 1.6 million bpd within the current quarter.

The same survey found that Nigeria’s oil production decreased by 60,000 bpd, reflecting lower exports. However, domestic demand has been on the rise as the Dangote refinery continues to scale up its operations.