Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 45)

Crude oil prices declined in October 2019 and is expected to fall further in 2020. The price of Nigeria’s bonny light decreased by 4 percent from $64.02 per barrel in September 2019 to $61.45 per barrel in October 2019.5 The fall in crude oil price can be attributed to rising US crude oil stocks and reduction in crude oil supply disruption. Crude oil price is projected to average $60 per barrel in 2019 and further weaken to $58 per barrel in 2020.6 The downward revision in oil prices is linked to weaker global growth forecast and consequently, weaker oil demand. This has adverse implications for Nigeria’s trade, revenue and overall economy; and emphasizes the need for modernising agriculture, developing tourism, and  promoting entrepreneurship in manufacturing, among other initiatives.

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March 13, 2018 - 4:00 am
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