The Nigeria economy depends solely on the EXPORT of CRUDE OIL. Therefore, little fluctuations in oil prices goes a long way to affect the entire economy of the nation. Last budget was develop based on a benchmark around $100 per barrel without envisaging a possible drop in oil price. Suddenly, it began to drop gradually below $100 per barrel which threw the entire nation into some sort of panic.
Trustworthy Minister of Finance quickly swept into action by announcing to the nation their plans to sustain the economy down to a benchmark of $60 per barrel to kind of alleviate the fears of the mass. More so, value of Naira has also depreciated from #168 to #184 and will continue if checks are not to the fall in oil prices. Now what is their advice to the Presidency on the DEPENDENCY on crude oil export.
We really need to take a deeper look into this issue of crude oil export as the nation main source of economy revenue. If the our refineries are working to full capacities and even build new ones, it will go a long way to help the mid stream sector. More so, it is high time the Government shed more light on the AGRICULTURAL sector as it was in the late 60s and early 70s. Remember the Malaysians came to Nigeria to get palm oil fruits and today they are one of the largest producers of palm oil in the world.
Nigeria is blessed with a lot of minerals and crude oil is just one of them. We have coal, lime stones, granites, precious stones, asphalt/bitumen, just to mention a few. Honestly, we have not even tapped 10% of these solid minerals
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