Nigeria oil production hits 1.8 million barrels/day

Nigeria’s oil production has risen to 1.8 million barrels ​a day, Finance Minister Wale Edun ‌told Reuters, generating fiscal breathing space that will allow the government to support vulnerable ​households as it ploughs ahead with ​reforms.

Speaking in an interview on Wednesday on ⁠the sidelines of the International Monetary ​Fund and World Bank Group spring ​meetings in Washington, Edun said rising crude production was positive for Nigeria’s revenue, for foreign exchange ​and for the fiscal situation of ​the OPEC member.

“It gives us that extra fiscal space ‌within ⁠which to look at … helping the vulnerable households at this time.”

However, support would be targeted, said Edun, adding “there is ​no thought ​of any ⁠return or retardation to broad untargeted subsidies.”

The government was also ​committed to continuing its reform ​programme, ⁠said Edun.

“Nigeria is in a position where the resilience that has been built in ⁠the ​economy is actually very ​obvious for all to see.”