ADEOSUN - NIGERIA CAN’T KEEP RELYING ON RISING OIL PRICES - Soul 2 Soul Mates Blog

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1/25/2018

ADEOSUN - NIGERIA CAN’T KEEP RELYING ON RISING OIL PRICES

ADEOSUN - NIGERIA CAN’T KEEP RELYING ON RISING OIL PRICES
Nigeria’s Finance Minister Kemi Adeosun has said that Africa’s top oil producer is learning to ignore crude prices.

“We’ve gotten to a point where we don’t care,” whether oil prices will be sustained at the level that they have recently risen to, Adeosun said during an interview in her office in the capital, Abuja. “We’ve been able to balance our budget at $45-$46 per barrel and we’ve got to learn to live comfortably at that level.”

Brent crude has rallied almost 60 percent since the middle of last year as OPEC and allied producing nations stick to agreed output curbs. The global benchmark traded at about $70.80 a barrel in London on Thursday morning. The country can’t afford to rely so much on the commodity anymore, Adeosun said.

Nigeria, which derives about two thirds of its revenue from crude, is seeking to diversify its economy. The government’s efforts include pushing for agricultural expansion to reduce a heavy food-import bill and boost exports. It is also seeking to plug an infrastructure gap of $25 billion, Adeosun said.
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