Off the wire
• Moody's gives positive outlook to Ghana's economy  • 92 percent of people live in places with unhealthy air, UN agency says  • Spain's public deficit stands at 3.27 pct of GDP up to July  • World Bank forecasts BiH economy to grow 2.8 pct in 2016  • Sierra Leone engages civil society to fight corruption  • (Special for CAFS) Ghana's electoral commission refuses to cut filing fees  • Rwanda, UK launch project to improve agriculture production  • Belarus to open consulate general in China's Guangzhou  • Feature: Turkish engineers make Transformer real  • Russia unveils Syria truce deal with U.S.  
You are here: 　 Home

Nigeria unable to achieve oil production target: minister

Xinhua, September 28, 2016 Adjust font size:

Nigeria had been unable to achieve its 2016 Budget production target of 2.2 million barrels a day, Minister of Budget and National Planning said Tuesday.

Udoma Udo Udoma said at the 57th annual conference of Nigeria Economic Society (NES) that the country was barely able to produce 1.1 million barrels in August.

According to him, Nigeria's foreign reserves have decreased from 26.51 billion U.S. dollars from the second quarter of the year to 24.74 billion dollars in September.

He said Nigeria had revenue and foreign currency concentration problems, adding that diversification is the only solution.

"Last week production level rose up to 1.7 million barrels, still a far cry from the country's target of 2.2 million barrel," he added.

"We are taking a number of immediate measures to raise revenues to strategically spend our way out of recession," he said, adding that measures have been taken to address the disruption in Niger Delta to restore production.

He said the economic management team had been working to assemble a stimulus package to kick-start the faltering economy. Endit