Cardoso: Nigeria must ramp up oil production to boost economy

Oct. 1, 2024 - TheCable

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says Nigeria must ramp up oil production to boost the economy. The central bank governor said as long as the country operates on a monolithic economy, achieving a strong exchange rate “that we all so desire” would continue to be hampered.

There is so much that a central bank can do. “It can not just be about import and we must be able to calibrate accordingly our taste for foreign goods,” Cardoso said.

AdvertisementOn September 10, the Organisation of Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production increased to 1.35 million barrels per day (bpd) in August.

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