Nigeria presently produces around 2.5 million barrels per day.
The Bank envisaged that over $31 billion in Foreign Direct Investment (FDI) would flow into Africa this year owing to the fact that, investors have abandoned Western economies due to their crippling financial crises.
Regarding growth rate for African, the World Bank predicted a 4.8 per cent growth this year but feared that they may be frugal spreads and further confirmed that the region has promises for the future irrespective of global setbacks.
The Bank however, stated that African countries are as well exposed to market volatility caused by crisis from Europe and slow growth in China, noting that those two places are vital to African exporting nations.
Makhtar Diop, who is the World Bank Vice-President for Africa, said, “A third of African countries will grow at or above 6 per cent with some of the fastest growing ones buoyed by new mineral exports such as iron ore in Sierra Leone and uranium and oil in Niger, and by factors such as the return to peace in Cote d’Ivoire, as well as strong growth in countries such as Ethiopia.”
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