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April 19th, 2024 | 11:53 AM ET

Growing Instability in Africa’s Top Two Oil Producers

Posted: September 28th, 2016

Africa’s long-time, largest oil producer is wavering. For six months in a row (March-August), Nigeria landed in the number two spot of the continent’s largest producers of crude, falling behind Angola, according to OPEC (Organization of the Petroleum Exporting Countries) data.

Oil production levels provide insight into the stability – or instability – of the two countries, which are heavily reliant on oil exports for federal revenue. In Nigeria, at least 90 percent of export revenues come from oil, and the oil industry provides the government with more than 70 percent of its income. In Angola, the oil and gas sector accounts for 95 percent of exports and 45 percent of GDP.

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