Crude oil still accounts for a vast majority of Nigerian exports, and the sector’s performance dominates the overall trade account. The country has struggled in recent months with the sabotage of oil transport infrastructure and the theft of crude; issues which are unlikely to cease given the historically high price of oil. However, the government has placed a high priority on improving operational security in the Niger Delta and the Gulf of Guinea (which has experienced an uptick in piracy), and we expect the situation to gradually improve over the coming months, resulting in higher production, which will undoubtedly prove …
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