Nigeria’s minister of Science and Technology, Ogbonnaya Onu has said that Nigeria is implementing efforts to prepare its economy for a post-oil era.
To this end, the NNPC signed a deal with international oil majors, Shell, Exxon, Total, and Eni to develop an offshore oil block that includes the deepwater Bonga field.
It is also worth noting that the NNPC has set plans in motion to acquire a 20% minority equity stake in Africa’s biggest oil refining facility, Dangote Refinery.
External reserve
Nigeria’s external reserve declined by 0.06% on Thursday, 27th May 2021 to stand at $34.26. This means that Nigeria has lost a total of over $1 billion in a little over a month.
The Nigerian foreign reserve has recorded a persistent downtrend for 36 days, with the highest loss coming on 10th May 2021, when the reserves dipped $111.56 million.
Foreign reserve has continued to dip since April 2021 despite the bullish trend recorded in the global oil market. It could, however, be attributed to low sales of Nigerian crude due to the resurgence of the COVID-19 in India, one of the highest buyers of Nigerian crude.
Meanwhile, the CBN continues to intensify its effort in attracting foreign remittances into the country, which led to the indefinite extension of the “Naira4Dollar” scheme earlier in May.
