So I figured a lot of people were clueless as to what’s really going on in the Nigerian economy. I mean its easier to blame someone when business isn’t “moving” or when there are layoffs at your workplace but how about we make informed decisions. When there’s an economic crisis, here’s what’s really happening…

As we all know, Nigeria is the largest oil producer in Africa. Also, 90% of our revenue is from oil, in other news, we depend on oil revenue to a large extent to sustain our economy. Now here lies our dilemma, other nations have started to discover and produce oil in large quantities (this implies excess supply) and this means since oil is becoming less scarce and easily accessible, countries are importing (demanding) less of it and what does this imply? Yes you guessed right, falling oil prices. Hold on, it gets interesting… Read more here

http://www.ladesblog.com/2016/04/nigerian-economy-for-dummies.html