Currently the low global oil price is an unavoidable inhibiting factor in the Nigerian economic recovery. Nigeria’s finance minister, Dr Ngozi Okonjo-Iweala, said on December 17 2014 that she now expected the Nigerian economy to grow at 5.5 percent in 2015, rather than the previous estimate of 6.4 percent. Nigeria is currently, and understandably, trying to reduce its dependence on oil. In 2013, the estimated growth in real GDP in Nigeria was an estimated 7.4 percent, up from 6.7 percent in 2012.
Okonjo-Iweala urged Nigerians “to begin thinking of the country [as] a non-oil country.” Yet she pointed out that Nigeria’s oil production level is 2.27 million barrels per day and that even an estimated growth rate of 5.5 percent for 2015 “is still one of the fastest growth rates we’re experiencing in the world today.”
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