Brent is now trading above $65 per barrel and generating decent revenues for the FGN as production is stalled at 1.45mbp. These revenues are now beginning to yield a positive impact on the excess crude account which is now at a paltry $77m on the one hand and keeping Nigeria’s external Reserves ($35.28bn) from dropping sharply on the other. The outlook is for oil to trade steady above $60pb in March 2021.
The slides give a snapshot of the discussion in the commodities segment of the Business Morning programme on Channels TV by the FDC Think Tank.
Enjoy your read!