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The Economy & You

The Economy&You - Bolaji Ososami

Thu 2nd Jun 2016

The discovery of oil in commercial quantity in Nigeria in 1958 was a blessing, this brought a lot of prosperity to the people and oil became the key export commodity of the country. Unfortunately while oil prospects increased other sectors that grew the economy in the past, like agriculture and solid minerals, were neglected. The over-reliance on oil turned Nigeria into a monolithic economy making the effect of the recent slump in global oil prices particularly drastic. Official data shows that the sector currently accounts for more than 90% of total exports and 70% of government revenue. However at the end of year 2015, the sector made a paltry contribution of 10.45% of the real GDP. The sudden decline in oil price had trickling effect on other sectors of the economy, however it is worthy to mention this isn’t the first time. As the price per barrel edges upward of $50, what are some of the effects of the slump and in general the oil sector on the Nigerian economy?

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