Nigeria crossed a record earnings figure of N1.052trillion through the crude oil, petroleum products and gas exports. This record earning happened within just three months from January, 2016 to March, 2016. These figures were released officially by
NBS (National Bureau of Statistics) for the 1st quarter of the year 2016. This report also indicated the 82.9% of these earnings happened through gas and crude oil exports from the total exports accounted as N1.27 trillion. Here, it is significant to realize that oil price rose around 3% that helped to recover the losses incurred in the previous sessions. At the outset of US prediction for the higher oil demand, it is indicating further more business for crude oil for Nigeria.
Nigeria devalued its Naira recently and it impacted in different forms over the major business entities in the nation. President Buhari at this point made a good move through meeting Nigeria's business leaders on the occasion of breaking Ramadan fast. This is definitely a best move from the President Muhammadu Buhari and reports indicating that a great assurance has been given to all the business leaders of the nation on the Naira devaluation. Here, improved business on crude oil, petroleum products and gas is significant economic success for the nation. It is imperative now to keep up the similar pacing with the growing business.
Boko Haram terrorist group is currently causing major havoc for the Nigeria government and this is directly or indirectly disrupting the oil and gas business in many ways too. Luckily, Nigerian Military started getting upper hand over this terrorist group recently through rescuing more than 5000 captives from them. So many clearance operations are under way from the military in this regard and killing so many terrorists in this process too. If this is continued, then the terrorist activities will be under control in a way disruption for the oil and gas business can be eradicated totally too.
Oil price is increasing constantly for the recent days and this is definitely a great positive sign for the Nigeria economy. Here, Buhari as a president of the nation taking utmost care in way economic reforms can be appreciated by everyone in the country too. Also, military is slowly keeping the Boko Haram terrorist group under control too and this is another good help for the business of the crude oil and gas in the nation. The US is already confirmed that their oil production is below to their requirement for this year and upcoming year of 2017.