Nigeria: How Low Oil Savings Lands Nigerian Economy Into Risk

As global benchmark Brent crude continues to trade at a level last seen in early 2009, the Nigerian economy faces more pressure amid low oil savings as the oil prices continue to tumble at the international market

Brent has fallen by about 60 per cent to $46 per barrel from its peak of $115 in mid-June 2014, raising rumor that oil prices may further slump below $40 per barrel, as seen in late 2008 when Nigeria recorded $22 billion in its Excess Crude Account.

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