Standard Bank Report Predicts Increase in Reserves Buoyed By Domestic Oil Refinery Operation

A new report has predicted an increase in Nigeria’s current account surplus to about 1.8 per cent of Gross Domestic Product (GDP) in 2024, compared to an estimated 1.0 per cent in 2023.

According to the African Markets Revealed (AMR) report for January 2024, which was published by Standard Bank, oil production is expected to grow sufficiently to supply the Dangote Refinery with feedstock as well as impel higher oil export volumes.

Essentially, a current account surplus means that a country has more exports and incoming payments than imports and outgoing payments to other countries. It is generally seen as a positive development because the current account surplus adds to a country’s reserves.

Read more at thisdaylive

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