As the nation and real sector operators awaits the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) meeting communiqué later today, the rising oil price may change certain narrative as Nigerian economy is still dependent on the product price.
As at Monday, global oil price raced towards $58 a barrel.
This was coming after positive comments indicating that the ongoing rebalancing of the oil market could see a sixty dollars oil should OPEC and its allies extend their crude production cuts beyond March 2018. “Things are looking a bit more constructive,” says Dion Kronfol of Franklin Templeton.
Besides, Nigerian oil analysts are upbeat that the recent retention of oil cut exemption at a time oil production is rising at the Niger Delta means height of goodwill to the recovery of the nation’s economy from recession.
