Nigeria Economic Update (Issue 43)

Crude oil prices have sustained upward increases for the past few weeks in October. While upward trajectory of crude oil prices is expected to be sustained in the short term in line with OPEC’s production cuts deal expected to run until March 2018, it is important to note that crude oil prices would remain volatile. The Nigerian government therefore should take advantage of periods of high revenue from crude oil exports to develop other sectors (such as Agriculture, Manufacturing and Services sectors) of the economy as key exporting and revenue generation sectors, and thus minimize volatility risks

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