News about oil Price and Buhari

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News about oil Price and Buhari
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• As the global oil price keeps declining,
  countries with oil-dependent economy have started
  to worry. This decline in the oil price is not
  just the harbinger of upcoming economic troubles
  for these countries, but also the oil
  corporations and investors. All this speculation
  and worry on the part of major oil players is
  understandable, and steps are being taken by them
  to get a control of the situation.
• Between 2014 and now, the oil price of U.S. crude
  CLc1 has already decreased by about price saw a
  decline from 1.32 per barrel, while the price of
  Brent crude LCOc1 oil has gone down by about 1.2
  per barrel. This decline has created trouble for
  not just oil employers but their employees as
  well, around a quarter million of whom have been
  laid off globally in the last 2 years. As the
  industry sentiments grow weary due to the falling
  oil price, efforts are been made by the various
  leading global oil companies along with other
  stakeholders to curb this issue. In a meeting
  organized last April, a lot of ideas were
  discussed regarding this matter, one of which
  included freezing of the oil production.

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• Nigeria is one of the countries affected quite a
  bit due to this situation. The countrys current
  President, Mr.Muhammadu Buhari, believes the
  previous government has a big role in the
  countrys flailing economy. According to him,
  since the previous governments focused solely on
  oil for growing the countrys economy and did not
  support other avenues such as agriculture,
  Nigeria is currently reeling under the oil price
  issue. A part of this claim, if not all, does
  make sense because during just the last year,
  Nigeria has seen a slowdown in economic growth by
  around 4 which is a worrying number. Also, the
  previous government did not leverage the period
  when the country was earning over 100 per barrel
  in exports, and did not save enough during that
  booming period.
• President Buhari has many words of caution for
  its neighbour South Sudan for avoiding the same
  fate as Nigeria. In a recent farewell ceremony
  organized for the outgoing South Sudanese
  ambassador in Abuja, President Buhari brought up
  this topic in his speech and shared a few words
  of wisdom. He suggested that South Sudan should
  learn from Nigerias current economic trouble and
  try to avoid it by concentrating on economic
  avenues other that oil, such as agriculture. The
  ex-ambassador agreed with these sentiments saying
  that his country is indeed blessed with good
  land.
• Nigerias troubles dont end here. It is also
  facing terrorist insurgency by Boko Haram, which
  has heavily affected the countrys
  socio-political scenario in addition to economy.
  Despite the help received from countries like the
  United States, the Buhari government has a lot of
  efforts to make before the problem of Boko Haram
  is eradicated.