Can oil price drop make Nigeria poor? – Checklist Mag

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Can oil price drop make Nigeria poor?

The above question is very pertinent when you think about how the foreign reserve will be affected. As oil price falls internationally, government and stakeholders are wondering what Nigeria’s bottomline will look like, seeing that oil is the mainstay of the Nigerian economy.

Without refining crude oil locally, there seems to b e no way to salvage the situation. Now, opposition parties in Nigeria are calling on the ruling party to find ways to mitigate the situation.

The common man on the street may not have any reason to bother, since oil riches don’t reach down to them. Politicians are reputed to loot the revenues from oil instead of really paying attention to building the nation.

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