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Crude Oil: Nigeria In A Mess, Heading For Depression – Fani-Kayode

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Fani-kayode

Former Minister of Aviation Femi Fani-Kayode has lamented the drop in global crude oil prices following the outbreak of the coronavirus (COVID-19) pandemic.

Naija News reports that in the history of trading US crude, West Texas Intermediate for the first time, its benchmark, is trading in negative territory.

Yesterday, at 8:22 pm, US WTI was trading at $-37.45 per barrel.

The prices were displayed on Bloomberg energy terminal.

In a post on his Twitter page on Tuesday, Fani-Kayode revealed that Nigeria crude oil is now trading at $11 USD dollars per barrel;

He lamented that the country was heading for not just a recession but a full-blown depression

Fani-Kayode wrote: “Nigerian crude oil is now trading at $11 USD dollars per barrel whilst it costs almost $30 to produce that same barrel. We are in a mess!”

“Our nation is in trouble and we are heading for not just a recession but a full-blown depression. Nigerians need to brace up for the worse!” Fani-Kayode added.

Ogbolu George is a graduate of Mass Communication from the University of Benin. He loves politics, is a movie addict and a die-hard Arsenal fan. George is a Senior Content Creator at Naija News.