The economy of Nigeria is set to receive the needed boost as the price of oil in the international market has begun to increase coupled with a recovery of the value of the Naira against the dollar.
State Minister of Petroleum, Ibe Kachikwu
Global crude oil prices finally surpassed Nigeria’s budgetary benchmark on Monday, trading above $39 per barrels.
The price of Brent crude/the global oil benchmark rose an all-year high at $39.50 on Monday, from $27.10 on January 20, the lowest for Brent in 2016, theCable reports.
Last Friday, the price of Nigerian crude rose to a new record high, selling at $35.76 per barrel, the Central Bank of Nigeria has announced.
Bonny light had traded around $35 at the start of the year and thereafter plunged into the 20s, following a global slump in crude oil prices.