The collapse in oil prices linked to the coronavirus crisis has seen Nigeria's revenues from crude dry up and left Africa's largest economy more threatened than ever by its dependence on black gold...
The collapse in oil prices linked to the coronavirus crisis has seen Nigeria’s revenues from crude dry up and left Africa’s largest economy more threatened than ever by its dependence on black gold.
“Globally the crude oil market is very slow and we are not able to sell as much crude as we used to do before.” Bloomberg in April reported that the price of Nigerian crude scraped as low as around $12, a far cry from the $57 target figure the government had based its budget on before the crisis.As global supplies far outstrip demand, unsold cargoes of crude from Africa’s most populous nation are sitting in tanker ships stuck out at sea as they wait for buyers before heading to refineries in Europe.
The market turmoil has seen Nigeria’s oil revenues drop by an eye-watering 80 percent and the country now faces an imminent recession, the government said last week.
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