I have always believed it is dangerous for any country to rely on raw commodity exports, which usually have wild price volatility over which you have no control. The price of crude oil fell sharply today and is just a couple of dollars above Nigeria's budget benchmark of $75 per barrel. Link: http://www.businessweek.com/news/2011-10-03/oil-in-n-y-falls-to-lowest-level-in-more-than-a-year-on-greece.html

When the same thing happened in the early 1980s, Nigeria's economy basically collapsed, and this led to an exodus of well educated middle class professionals from the country. You would think our leaders would have learnt their lesson since then and take steps to develop a well diversified, value added productive economy but this has not happened. Ladies and gentlemen, if the oil price continues to collapse we would be caught pants down again. Only a fool learns the same lesson twice over.

Excellent news!!!!!!

Less money for our rogue politicians.

I even hope crude oil becomes free -

We will then have a shortage of people who want to become ploiticians in Nigeria - Which can only be a good thing.

You yourself said the price is still more than the budget rate of $75. So kwetin u dey shout for.

Time for some silly Governors to put their thinking cap on instead of going pan in hand to Abuja.

werepeLeri:

You yourself said the price is still more than the budget rate of $75. So kwetin u dey shout for.

It is better to shout now than to shout when it is $20 per barrel. To be forewarned is to be forearmed.

Well, at least the legislators are now beginning to shout about the problem http://www.punchng.com/Articl.aspx?theartic=Art2011100415389

I love this line in the article by one of the legislators: "However we hope that the situation does not get worse than this". Can you see why Nigeria is in a mess? Instead of planning, the joker is hoping.

Huh, huh, crude oil now trading at $75.55 lunchtime London, 4/10/2011, according to the Wall Street Journal.