The persistent attacks on the country’s oil installations by militants in the Niger Delta have resulted in a decrease of about $447m in foreign exchange inflows from $1.4bn in September to $957.3m in October, The Punch reports.
Figures obtained from the Central Bank of Nigeria show that the $447m decline represents a drop of 31.85 per cent. Investigation also revealed that the total outflows also decreased during the period, dropping significantly by $1.44bn or 58.68 per cent from $2.46bn to $1.02bn during the same period
The price of crude oil currently hovers between $53 and $54 per barrel and the country may be losing much in terms of volume as a result of the persistent attacks on oil installations. This, according to findings, has resulted in a decline in oil production to about 1.6 million barrels per day as against the budgeted production volume of 2.2 million bpd.
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