Oil Price and Boko Haram Troubles for Nigeria

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Oil Price and Boko Haram Troubles for Nigeria
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• The last few years have seen a constant decline
  in the global oil price, which has created an
  environment of worry and speculation among the
  investors as well as major oil players. The main
  reason behind this development is believed to be
  an increase in the global oil supply, which is
  driving the oil price down and adding to the
  worries of stakeholders.
• While the U.S. crude CLc1 oil price saw a decline
  from 39.39 to 38.07 per barrel and the Brent
  crude LCOc1 went down from 40.27 to 39.07. In
  fact, in the last couple of years several oil
  companies have had to pull down the shutter and
  lay off as many as 250,000 employees across the
  globe. To curb the growing sense of gloom in the
  industry, major international oil companies as
  well as other stakeholders organized an
  all-important meeting this April to discuss a
  number of important points revolving around the
  falling oil price. Whether they decide to limit
  the output or take some other measures to combat
  this situation remains to be seen.
• Among the countries impacted the most due to
  decrease in oil price is Nigeria. Recently, its
  President Muhammadu Buhari had a meeting with the
  ambassador of South Sudan and brought up this
  topic in that meeting. President Buhari met with
  the South Sudanese ambassador to Nigeria in a
  farewell ceremony Abuja and mentioned the impact
  of oil on Nigerias economic conditions.
  President Buhari said that as a result of Nigeria
  relying heavily on oil for its economy since the
  last few decade, the country has been adversely
  affected by the current oil priceissues. He
  believes that South Sudan should try to avoid a
  similar fate by not depending only on oil based
  revenues, but should aim to find out other
  avenues of growing its economy, such as
  agriculture.

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• President Buhari also advised the South Sudanese
  government that in order to create a dependable
  agriculture output, they can look at
  opportunities for investing in Nigeria.
• Nigeria saw one of the biggest economic slowdowns
  in last few decades when its economic growth
  slowed by around 4 from 2014 to 2015 (not just
  due to oil, but Boko Haram as well). Current
  Presidentbelieves that this situation has arrived
  in the country due to the previous governments
  short-sightedness, which did not capitalize the
  time when Nigeria was selling crude at a price of
  more than 100 a barrel. Savings should have been
  done at such as time, but werent, due to which
  the country is now facing problems.