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Oil price crash: Experts suggest way forward - Printable Version +- Forums (http://contripeople.com) +-- Forum: Retired Forums (http://contripeople.com/forumdisplay.php?fid=78) +--- Forum: Retired Forums. Please Make Your Post Within The 3 Forums In General Discussion (http://contripeople.com/forumdisplay.php?fid=49) +---- Forum: Oil/Gas (http://contripeople.com/forumdisplay.php?fid=41) +---- Thread: Oil price crash: Experts suggest way forward (/showthread.php?tid=32530)

Oil price crash: Experts suggest way forward - Edoman - 05-03-2020 Oil price crash: Experts suggest way forward May 3, 2020 [/url] [url=https://thenationonlineng.net/wp-content/uploads/2020/05/Crude-Oil.jpg] The global oil price crash notwithstanding, Nigeria can turn the tide, experts have said. Though oil prices showed slight increase last Thursday as Nigeria Brent crude inched up by 4.6 percent to $21.39 per barrel reversing some of the losses posted previously after storage in the United States rose less than expected, experts have however argued that this relief may be momentary after all. Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has called for the restructuring of Nigeria’s economy in the face of dwindling oil prices. Okonjo-Iweala gave the advice on Thursday when she appeared on Channels TV’s Business Morning. According to her, Nigeria and other African countries must look at other sources of revenue to cushion the economic impact of dwindling oil prices. The former Managing Director of the World Bank said Nigeria has several sources of revenue it should tap to create employment for the teeming masses. “There will be business cycles with commodity prices. What you also need to do is make the economy less dependent on these commodities,” she said. Echoing similar sentiments, former Vice President, Atiku Abubakar in a statement titled: ‘How to pull Nigeria from the brink,’ said the country must face the fact that reliance on crude oil is failing Nigeria and other mono product economy crude oil exporters. “Now is the time for Nigeria and her contemporaries to cure their addiction to sweet crude. For far too long we have grown high on our own supply, to the extent that we have neglected almost every other sector of our economy.” Laoye Jaiyeola, Chief Executive, Nigerian Economic Summit Group (NESG), a think tank organisation that supports policy initiatives both at the private and public sectors, said there is need for all hands to be on deck. For Professor Jonathan Aremu, he would rather the government reorder its priorities going forward.