Current Realities in the Upstream Sector of the Nigerian Oil & Gas Industry

● Current Realities in Nigeria ; Economic Security Short fall in foreign exchange. • . 95% of Nigeria's foreign exchange earnings is from crude oil. Budget deficit at a crude oil bench mark of $38 a barrel -2016 budget. Nigeria's current national reserve down to &28.2 Billion. Stagnated excess crude account savings and sovereign wealth fund. • Debt spiking in the nation, especially foreign debts. (LASG. Govt. $200 m loan from World bank) Nigeria has experienced a consistent drop in foreign investments. $8.9 billion in 2011 to $4.9 billion in 2014. OIL OIL NIGERIAN LATION OF PETROLEUMONIST Source: NNPC ONL Degeconek

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