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Nigeria Oil Crash: Nigeria May Lose $8.63bn In Six Months

Nigeria Oil Crash: Nigeria May Lose $8.63bn In Six Months

Submitted by • March 16, 2020 www.newsadmire.com

Nigeria’s economy may slide into another recession as the sudden crash in crude oil prices is set to wipe $8.63bn from the expected earnings accruable to the country in six months.

Already, the nation has lost over $335.7m in the last one week after the crude oil price plunged last week, hovering between $30 to $36 per barrel.

This is based on the 2020 budget benchmark of $57 per barrel.

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