Nigeria Wants Oil’s Share of Revenue Down to 60% Soon
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Nigeria, Africa’s top oil producer, wants to reduce the commodity’s contribution to government revenue to 60 percent in the medium term, Finance Minister Ngozi Okonjo-Iweala said.
Oil currently accounts for 70 percent of government revenue in the West African nation, down from 80 percent in recent years, Okonjo-Iweala said today at a conference in Abuja, the capital. Taxes and non-oil exports provide 30 percent, according to the minister.