Oil Boost

With the BMI commodity desk having undertaken a thorough overhaul of forecasts for oil prices over the next five years, we have revised our macroeconomic forecasts for Nigeria. In the previous quarter, we had anticipated that the price of Brent would average US$48.20 per barrel over the course of 2006, down from an average of US$54.70 during 2005. We now anticipate that the price of Brent will average US$54.80 per barrel this year, an increase of nearly 14% compared to our earlier estimations. With petroleum revenues accounting for over 80% of total revenues in Nigeria (and over 30% of GDP),

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