The Bank of America (BoA) has said the it sees the value of the naira settling at N680 to the dollar by the end of the year, saying that the currency has
“With the current momentum, Tinubu’s next big move should be to reduce oil theft – by reforming the security sector and involving host communities near the pipelines,” Bank of America, one of the big four banking institutions of the United States said in a note seen by BusinessDay.
If successful, the global financial institution predicts this could increase Nigeria’s crude production to 1.6 million barrels per day in 12 to 18 months, from the current 1.2m bpd, barring OPEC limits.“In our view, increasing crude oil production to 1.6m bpd in the next 12 months is feasible and would be a structural improvement from current levels of about 1.2m bpd. If we include condensates, total oil production could rise from the current 1.4m bpd to 1.
Nigeria depends on hydrocarbons for 90 percent of its exports, at least half of fiscal revenues, and about 6 per cent of GDP. “Higher oil revenues and increased effort for non-oil revenue would ease the high debt service burden,” Bank of America said.
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