A Review of the Nigerian Energy Industry

Nigeria sets 2012 budget on $75/b oil price benchmark

16 September, 2011, Sweetcrude, Abuja- The Federal Government has set an oil production target of 2.48 million b/d and oil price of $75 per barrel, for the purposes of revenue projections in the 2012 budget, the country’s Finance Minister Ngozi Okonjo-Iweala said Friday.

This compared to production of 2.3 million b/d and oil price benchmark of $75/barrel benchmark adopted in the 2011 budget.

Okonjo-Iweala, who also doubles as the head of the Nigerian government’s economic team, told reporters after a meeting on four-year economic plan for country, that the 2012 budget targets 7% growth in gross domestic product, the state radio reported.

She said that projections in the 2012 budget had been set with consideration given the global environment.

Nigeria’s oil production has been climbing steadily this year, with the National Bureau of Statistics reporting on Thursday that output averaged 2.45 million b/d by the second quarter.

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