Nigeria has struggled to meet its production goals in recent years. With oil prices remaining above $100 per barrel, Nigeria is eager to ramp up its production. Shallow-water oil fields offer a promising opportunity for the country to increase its output. Despite the gradual lifting of OPEC quotas, Nigeria has struggled for several months to increase production back up. While the country has a production capacity of over 2 million barrels of oil per day (bopd), oil output stood at 1.3m bopd last year according to government data. As oil prices enter a new supercycle, Nigeria’s production underperformance coupled with continued imports of finished petroleum products expose it to several macroeconomic risks. Since the start of the year, for instance, the country’s petrol subsidies program has become so expensive that the government is now planning to tap into its €2bn Eurobond sale of 2021 to fund it. But while […]