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Analysts from J.P Morgan Commodity Research also expect the United States to start restocking its strategic petroleum reserves in the first quarter of 2023. For Nigeria, plummeting crude oil prices means more woes for a country whose oil sector is already battered by theft, sabotage as well as poor production.the country lost 619.7 million barrels of crude oil valued at N16.25 trillion from 2009 to 2020.
“A major driver is the recent all-round increase in interest rate. It is expected that it will take a full toll on the economy in 2023 in terms of growth,” he said.
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