NIGERIA: THE CRUDE OIL ECONOMY
COVID-19 and the consequent demand destruction is set to affect Nigerian crude as there is simply far too much oil in the market. This is making it difficult to shift cargoes and exerting downward pressure on price differentials. The falling crude price has already caused the IMF to revise downward Nigeria GDP growth. The last time oil prices collapsed it sent the country in to recession in 2014, the economy is only just emerging from that recession.