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Nigeria unable to achieve oil production target: minister

Updated: 2016-09-28 14:12

    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.


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