08-04-2025
How drop in price of crude oil fit affect di Nigeria economy?
Crude oil price don weak, as e drop more dan 12% reach around $65.50 per barrel, afta President Donald Trump slam trade tariffs on plenti kontiris.
Bifor dem announce di tariffs, oil bin dey sell above $70 per barrel.
Na so Nigeria President Bola Tinubu sign di 2025 budget wey fix crude oil price for $75 per barrel.
Dis one mean say Nigeria goment go need find way cover di $10 gap since crude oil don drop go between $64 and $65 per barrel.
Plenti Nigerians dey wonder anytime wen crude oil price go up or down, how e go take affect di economy and dia own life.
How e fit affect Nigerians and di country economy?
For dis mata, BBC News Pidgin interview one expert for Kano, Professor Kabiru Isa Dandago wey be Accounting lecturer for Bayero University Kano.
Prof Dandago tok say di drop go surely affect Nigeria economy, and Nigerians suppose prepare for wahala from goment side since dem plan di budget wit crude oil price of around $71 to $75 per barrel.
E add say "Nigerians go need bear di gbege wey goment go face. Dis na becos Nigeria total revenue go reduce. And if revenue reduce, goment no go fit capture all di tins wey dem wan spend money on."
Di sabi pesin for economy mata add say dis mean say goment go need borrow money join to cover di gap.
"Many of di projects wey Nigeria goment plan to do, dem no go fit do dem again. Dis one mean say di kontiri need to borrow again to cover di expenditure gap" im talk.
E also tok say di kontris wey US President Donald Trump put tariff on don dey find new buyers for dia crude oil, and dat one go make crude oil full market.
"Wit di tariffs wey President of America put, kontris wey dey sell crude to US now dey find new market. And you know say as supply increase, price per unit go reduce" im add.
Wetin fit be solution wey go work for Nigeria?
Prof Dandago tok say di Nigerian goment suppose try find new way to sell dia own crude oil instead of to depend on American market alone - "make dem target kontris wey dey need di crude oil," e tok.
Nigeria suppose also dey find way to sell oda tins like mineral resources and dia agriculture products.
"Even if we no make much from crude oil, we fit still make money from selling solid minerals, agricultural products and manufactured goods," Oga Dandago tok.
E con end di mata wit advice say Nigeria no suppose dey rely only on crude oil money only, since di kontiri get plenty blessings like mineral resources and talents from di youths.
