Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 29)

The Federal Government (FG) have announced plans to increase oil reserves by 40 billion barrels by the year 2030 with aim of dominating the West African oil and gas market.¹ Following this, oil production capacity is intended to rise to three million barrels per day. The Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, stated at the AA Holdings’ 2021 Business Dinner of The Petroleum Club that Nigeria has vast oil and gas resources that can reverse the issue of resource curse syndrome that has plagued the country for decades. He pointed out that Nigeria is in a better position to achieve these objectives than any other West African country due to natural resources. Gas reserves are also intended to increase to 220 Trillion Cubic Feet (Tcf) by the year 2030. The effects of turning Nigeria into a gas-based economy would improve government revenue. However, this could undermine economic diversification policies and the national policy on climate change in Nigeria.

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