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Rising international oil prices benefit Nigeria’s economic prospects

Rising international oil prices benefit Nigeria’s economic prospects

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With the international oil price hitting US$67, Nigerian government revenue will increase. Ninety percent of Nigeria’s foreign exchange earnings depend on oil prices, and Nigeria’s 2021 budget baseline is US$40.

Nigeria’s Minister of Finance, Budget and Planning, Ahmed, stated that Nigeria’s crude oil production is expected to be 1.86 million barrels per day in 2021, an increase of 60,000 barrels per day from 2020.

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