A report has warned that if Nigeria’s crude oil production remains at its current level due to insufficient investments in the upstream sector, the amount of barrels available for exports will shrink, thus putting further pressure on the budget as well as economic growth.
According to the report, as a “mature producer” of conventional oil, Nigeria seems to be facing similar challenges other oil producing countries such as Indonesia and Venezuela were facing.
![[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies](https://nairametrics.com/wp-content/uploads/2017/05/nigerian-economy-today-1.jpg?resize=350,250)
