Nigeria To Shake Off The Shackles Of Oil

27 Jul 2017   Nigeria

Nigeria is now saying that “era of oil booms” may be over—for good. According to its national petroleum policy approved this week by the federal executive council, the country plans to cut its oil exploration costs and move away from reliance on revenues from crude oil exports. Its expectations are that oil prices will hover near $45 per barrel “for the foreseeable future”, necessitating a shift towards diversifying its economy and develop its own refining and petrochemical sectors. “The most realistic line of action for any nation with oil as the backbone of its economy is to diversify, because indices strongly point to the possibility that the era of oil booms may be over for good”, said the policy . In accordance with this 112-page policy document, the other aim of Africa’s second biggest oil producer is to reduce the cost of extracting oil, which now stands at $29 […]

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