Nigerian Finance Minister Zainab Ahmed (pictured) announced on July 7 that the federal government is targeting a benchmark crude oil price of $57. This forecast falls within the framework of the 2022 budget and the new production dynamic of 1.88 million barrels per day.

The decision comes in a context where the impact of the Covid-19 pandemic and the continued reduction in production following the agreements with OPEC, have seriously weakened the country's finances and by extension its economy. Indeed, the oil sector is one of the main sources of income for Nigeria, the leading African producer of black gold. Oil and gas revenues thus represent 50% of government revenue and more than 90% of export earnings. The country currently produces only 1.47 million barrels of oil per day while its actual production capacity is around 2 million barrels per day. With this in mind, the strategies put in place by the country are essential to ensure the sustainability of oil and gas activities.