Nigeria’s Central Bank Governor, Mallam Sanusi Lamido Sanusi has said that falling oil prices and domestic energy output due to declining global demand are a concern for Nigeria’s economy,
According to Sanusi, the worsening situation in the Euro zone and rising global food prices may also push inflation higher adding that the country’s slower growth and tighter fiscal discipline could counter balance those upward effects.
Nigeria exports most of its domestic output and figures show exports have been falling, suggesting falls in output. Exports are set to fall, to 1.81 million barrels per day (bpd) in September
Nigeria is among the top 10 crude oil exporters in the world and is one of Goldman Sachs’s N-11 emerging economies after the power houses of the BRIC countries — Brazil, Russia, India and China. Nigeria’s 2012 budget is based on an oil price of $72 a barrel and oil fell below $90 in recent weeks, though it has since reached $100.