Oil Slump, Coronavirus Create a Perfect Storm for Nigeria’s Economy

The crash in oil rates and the financial fallout from the coronavirus collectively pose what could be an existential danger for Africa’s premier overall economy and largest crude producer.

Nigeria, a nation of 200 million people, is slashing output more quickly than any other big oil overall economy subsequent the precipitous plunge in worldwide rates. Cargo ships entire of tens of millions of barrels of Nigerian crude have nowhere to go, with a lot of the globe on lockdown. Nigerian oil firms are desperately competing to fill the last handful of vacant tankers…