February 22, 2024
Nigeria’s Earnings From Oil Exports To Shrink In 2024 Says CBN
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Nigeria’s Earnings From Oil Exports To Shrink In 2024 Says CBN

The Central Bank of Nigeria (CBN) says the country’s earning from oil exports is expected to shrink in 2024.

CBN governor, Olayemi Cardoso, said this was due to the oil production limit, which is pegged at 1.78 million barrels per day in the 2024 budget assumption.

Speaking at an interactive session with the National Assembly joint committee on Banking, Insurance and other Financial Institutions at the National Assembly, Abuja, Mr. Cardoso said the approved quota for Nigeria by the Organisation of Petroleum Exporting Countries (OPEC) was 1.8 million barrels per day, but the country’s production has been below the threshold.

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In the 2023 budget, the oil production benchmark was pegged at 1.69 million barrels per day, but the apex bank governor said Nigeria’s highest level of production was about 1.35 million barrels per day in the third quarter of 2023.

Mr. Cardoso, however, said the outlook for the domestic economy in Nigeria for 2024 was positive as both the inflation and exchange rates would withstand fluctuating pressures and stabilize. 

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