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Oil price hits $85.7, signaling hope for Nigeria

Oil producing countries, including Nigeria, yesterday, set for major profit overhaul, as the price of crude oil hits $85.07, the highest, in last three years. Brent oil, the global benchmark, topped $80 per barrel, two weeks, in what local observers, described as a good omen for the country, which majorly relies on revenues accrued from oil sales for growth.

The surge in crude oil price, followed a rise in demand for energy, which resulted from the decision of Organisation of Petroleum Exporting Countries ( OPEC) and its allies to maintain its monthly global oil production increase. The crude oil market recorded a boom, amidst surging gas prices and gradual global recovery from COVID 19 pandemics and vaccines. With the rise in crude oil price, Nigeria, being one of Africa’s top producers, is bound to record more earnings, though the subsidies’ shortfall may erode the gains.

Stakeholders said the country would gain bountifully, if the trend persists, arguing that the drop in the international prices of crude oil, has negatively impacted on economic activities in Nigeria. Their arguments stem from the fact that the country’s budget is benchmarked by the prices of crude oiI. A power market operator, Abiodun Ogunleye, opined that a steady growth of the nation’s economy is assured, once the oil price continues to rebound.

 

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