*As oil exports rise to 1.876mbp/d in November
09 November 2018, Sweetcrude, Lagos — Following ceasefire from militants in the Niger Delta, the International Monetary Fund, IF, has predicted a growth by 1.9 percent in Nigeria’s economy this year.
Amine Mati, Mission Chief and Senior Resident Representative for Nigeria of the IMF, said on Thursday, that the 1.9 percent leap is against the slow pace of 0.8 percent of last year.
Militants in the Niger Delta known to regularly blow up crude oil pipelines as a way of pressing home their points to the government have ceased since early 2017. Although there have been subsequent brawls to take up arms again yet, the group are yet to carry out their threats.
Nigeria’s economy which is largely dependent on revenue from oil was badly damaged after oil prices crashed to below $30 per barrel. It was made worse with regular pipeline vandalism and threats from militants which had led to disruptions in crude oil production, plunging the country into further financial crises.
However, since militants ceasefire in January 2017, oil production which had drowned to around 1 million barrels per day, had since increased to almost 1.8 million barrels per day.
Crude oil production jumped by 74,000 bpd from its July level to average 1.722 million bpd in August, according to OPEC’s secondary sources. In September, Nigeria further boosted its crude oil production, by 26,000 bpd to 1.748 million bpd.
According to loading programmes obtained from Reuters, Nigeria’s oil exports are expected to hit their highest level in six months in November, at 1.876 million bpd this month, up from 1.652 million bpd in October.