Nigeria's consistent decline in crude oil production may see the West African country face a credit crunch in months ahead, the African Development Bank (ADB) has warned. The regional bank further stressed that the continued crude oil theft and vandalism of oil pipelines as well as recent developments in the global oil market posed a significant threat to the sustainability of the country's financial position with respect to oil revenues.
This warning was contained in the ADB's monthly 'Nigeria FIeld Office' (NFO) report, and stated therein that the country's continued reliance on crude oil and gas exports which accounted for 94% of export earnings made it difficult to achieve its set targets in crude oil revenues as well as to sustain progress in storing oil reserves.
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