The latest drop in India’s oil import spells bad news for Nigeria’s forex reserves India, Nigeria’s largest destination for oil exports and the world’s third-largest importer of oil, has suffered a drop in oil imports by 7% to 3.9 million barrels per day (BPD). As a result of the current COVID-19 Delta variant plaguing the country, the government was forced to impose new lockdown restrictions paving the way for lower government revenues for the next couple of months. This is because the country represents 16.79% of Nigeria’s total revenue generated from exports in the first quarter of 2021.
Analysts Corner: 19 July 2021
Analysts Corner: 19 July 2021
Analysts Corner: 19 July 2021
The latest drop in India’s oil import spells bad news for Nigeria’s forex reserves India, Nigeria’s largest destination for oil exports and the world’s third-largest importer of oil, has suffered a drop in oil imports by 7% to 3.9 million barrels per day (BPD). As a result of the current COVID-19 Delta variant plaguing the country, the government was forced to impose new lockdown restrictions paving the way for lower government revenues for the next couple of months. This is because the country represents 16.79% of Nigeria’s total revenue generated from exports in the first quarter of 2021.