Oil prices have gone berserk! There’s no other way to put it.
I remember some months ago, oil prices dropped so badly that it affected economies around the world, moreso Nigeria. Because of the drop in oil price then, the Naira (₦) plummeted so low against the dollar that it literally crumbled the Nigerian economy. Inflation leading to recession.
And now what?
There’s news of oil price going up again!
It’s dancing! I mean, talk about market instability. Which begs the question, should any economy really be hung up on this swindling pendulum?
In Nigeria, when things got really bad, the government started talking about ‘diversifying’, empowerment, and so on.
The truth is, oil rich nations are too relaxed. Hold me to my word, but I’m right. Oil is like gold, when you have it you need not do anything else, it’s like you can eat it. And this is the case in Nigeria.
Nigeria survives by crude oil, plain truth.
It is not until recently that the Nigerian government started looking into agriculture, funding small and medium scale enterprises. The drop in oil price was the wake-up call.
In fact, the whole world needs a wake up call. Oil is seductive, but its beauty is fast fading.