IT is not just in politics that seven days can become a long time. Even in national economies, seven days can alter the fate of a nation for a long time to come. Most oil-producing nations of the world experienced the most rapid surge, in percentage terms within the first week after the Yom Kippur War between Arab countries and Israel in 1973. Suddenly, crude oil which fetched thirty cents a barrel skyrocketed to $3 (1000%), $4 (1333%) and $5 (1667%) on account of drastic supply reduction imposed by the Arab countries. Nigeria earned more oil revenue in a week than the aggregate revenue of oil and non-oil exports in the previous year. So sudden was the bonanza Gowon’s government did not know what to do with it. What they eventually did is still affecting our economy till today.
Continue reading Nigerian economy after the elections of 2019 at Vanguard News Nigeria.
source https://www.vanguardngr.com/2019/02/nigerian-economy-after-the-elections-of-2019/
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