Between 2007 and 2008, there was a sudden rise in the global oil prices per barrel: From $50 in early 2007 to $147 in mid-2008; suddenly falling to below $40 by late 2008.
The way the unexpected rise in oil prices pushing the value of Nigeria's stock market to unheard-of 350 per cent, attracted billions of western foreign portfolio dollars into the market trying to take advantage of high return on investment; was the same way the unexpected plunge in global oil prices dipping the stock market value, triggered an unprecedented capital flight. In other words, the way some unquarantined $20 billion, foreign hot money, pouring into the country's stock market heated up the market, was the way $15 billion of that money, leaving the country brought the stock market on its knees.
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