Similar to heavy oil producers like Venezuela and Iran, Nigeria needs the oil price to rise significantly in order to balance its budget as the commodity accounts for 70 percent of its revenue. Oil prices have seen, on average, an upward trend in 2016 and have officially hit the $50 mark for the second time this month. The constant rise in oil prices since January may be interpreted a sign of better days ahead. Low global prices may be the new normalWorld oil supply has increased as high crude prices made oil exploration a more profitable enterprise. Driven by the newly economically viable hydraulic fracking extraction method, US oil production rose, and kept rising until the recent oil glut.

Source: The North Africa Journal August 19, 2016 15:03 UTC