Forex Reserve: Nigeria raises $25B from oil production cut exemption

The crude oil production exemption granted to Nigeria in 2016 by OPEC and non-OPEC members has helped the country raise her foreign exchange reserves to $45 billion from $25 billion.

Minister of State for Petroleum Resources, Ibe Kachikwu says Nigeria’s request for a production cap exemption during the negotiations helped the country produce and sell more oil which resulted in about $20 billion addition to her Forex reserves.

Kachikwu, who stated that resolving the Niger Delta problem was significant in achieving development, noted that getting the OPEC to elect Barkindo Mohammed as its Secretary General helped Nigeria to regain its relevance within the cartel.

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