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Good afternoon ladies and gentlemen.
I hope you are staying at home and adhering to guidelines stipulated by @NCDCgov during these #Covid_19 times.
Ramadan Mubarak to Muslim faithfuls too.
Welcome to #Coronomics, a short-chat series on Nigeria's economy in a pandemic.
I hope you are staying at home and adhering to guidelines stipulated by @NCDCgov during these #Covid_19 times.
Ramadan Mubarak to Muslim faithfuls too.
Welcome to #Coronomics, a short-chat series on Nigeria's economy in a pandemic.
The government is said to have spent averagely ₦2Tr since 2016 on a Social Investment Programme as part of its economic recovery growth plan; and a bulk of this funding comes from our highest income earner - crude oil.
#Coronomics
#Coronomics
However, it is no longer news, that falling crude oil prices is massively affecting Nigeria’s revenue generation, as many economies have mostly ground to a halt due the covid-19 pandemic - https://nairametrics.com/2020/04/18/nigerias-bonny-light-hits-12-yet-nobody-is-buying/
#Coronomics
#Coronomics
For perspective, it is so bad that Nigeria's crude oil produced over a 3 months period is said to have still not found a buyer; the excess crude account is down to $72m and according to @dataphyte, 22 states can't pay minimum wage.
#Coronomics
#Coronomics
I am joined by @ronke_onadeko an oil&gas policy expert, #TutuFellow and #CheveningScholar to discuss #Coronomics.
Thank you very much for joining the conversation today Ronke.
Thank you very much for joining the conversation today Ronke.
Q1. From a currency perspective as it relates to the economy; @IMFNews says a global recession is inevitable. We have seen a steady weakening of the Naira against the dollar and brent is at its all time low, what does these mean for us? https://twitter.com/IMFNews/status/1251224252667355138?s=20
#Coronomics
#Coronomics
