The surge of crude oil prices within the week is a source of good news to Nigeria, with its resultant positive impact on the country’s economy, although the effect of the coronavirus pandemic is still biting hard on consumers and business activities.
Crude oil prices rebounded to the highest level in almost 3 months at over $42 per barrel, after the output cut by OPEC+ and other top oil-producing countries helped to reduce the supply glut in the market. This is further boosted by demand recovery as a result of the gradual easing of lockdown across economies around the world.
With oil exports contributing about 90% of the country’s foreign exchange earnings, this will boost government revenue and improve liquidity in the foreign exchange market. If the current trend in the global oil market continues, it will provide some level of stability to the country’s already fragile economy.
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