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Nigeria’s oil output surge eases pressure on budget, currency

Offshore Oil Rig. © Pixabay
Offshore Oil Rig. © Pixabay
  • Nigeria’s daily oil production hit 1.8 million barrels in July, the highest since 2021
  • Higher output could reduce borrowing needs, strengthen the naira and curb inflation

 

ABUJA, NIGERIA – Nigeria’s oil production has reached its highest level in four years, offering a fiscal boost that could help stabilise the currency and cut borrowing.

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