Friday, March 5African Business News
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Tag: Econ omy

Covid-19: Saving Nigeria from the Peril of Oil Economy

Covid-19: Saving Nigeria from the Peril of Oil Economy

Oil & Gas
It is no gainsaying the fact that the global pandemic Coronavirus has made the world economy to shrink. With a sudden shutdown of most countries to contain the spread of the virus, economic activities have taken a serious nosedive in many nations. The International monetary fund has said there may be a global recession after the pandemic. Back home the crude oil, which was predicated on 57 dollars per barrel for the 2020 budget has crashed to below 30 dollars per barrel. The Central bank has said Nigeria might slip into recession again after this pandemic is over. As it stands, Nigeria is still looking for funds to implement the 2020 budget. The federal government already said there would be adjustments to the budget in view of the reality on ground. Presently government is looking ...