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.
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