With the drastic tumbling price and unpredictable demand contraction facing the oil sector, coupled with COVID-19, there is urgent need to look into Nigerian economy and make urgent necessary adjustments
Professor Jonathan Aremu is a Professor of International Economic Relations at the Covenant University , Ota, Nigeria and a consultant at the Economic Community of West African States on Common Investment Market, Abuja, among other multilateral agencies. In this interview withhe speaks on the implications of the falling oil prices on Nigeria and offers suggestions on the way forward. Excerpts: that cut across the entire national public and private governance structure.
While the 2020 budget was benchmarked on an oil price assumption of $57 per barrel and oil production of 2.18m barrel per day; with the outbreak of coronavirus, the price has gone down to ridiculous level today showing that the economy may earn nothing in the next few months from the product. With the global COVID-19 disaster, the time for the Organisation of the Petroleum Exporting Countries to discuss cutting production to raise price appears to be irrelevant now.
Unfortunately, we don’t know how long the coronavirus will stay, but from what the World Health Organisation is saying, it is not disappearing now. Currently, the pandemic has resulted to lockdown of productive activities; and government can only try its best to contain it, but before everybody gets back to life, it will take some time. Even then, since the pandemic affects all sectors of the global economy, a lot of resources to fight it are required even in Nigeria.
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