Report says: Nigeria makes additional $22m from Bonny Light crude oil

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Report says: Nigeria makes additional $22m from Bonny Light crude oil

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The price of Nigeria’s Bonny Light crude oil was the second highest in December among members of the Organisation of the Petroleum Exporting Counties (OPEC), rising from $42.20 in November to $53.91 per barrel.
Bonny Light crude oil

Bonny Light crude oil

This means the country gained about $11.71 per barrel in December. Nigeria therefore may have added $22 million to its foreign exchange earnings when multiplied by current production of 1.9 million barrels per day in December.The gain also boosts Nigeria’s capacity to fund its N7.3 trillion 2017 budget, and if the gains continue, may reduce the dependence on external borrowings to fund the budget and other development projects.Besides, the World Bank expects oil prices to average $55/barrel in 2017, an increase of 29 per cent above the 2016 average price.

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